Which loan product is better for you if you have lower credit scores when buying a home
1. FHA Loan (Federal Housing Administration Loan)
Credit Score Requirement: As low as 500 (with 10% down) or 580+ (with 3.5% down).
Best For: First-time homebuyers and those with lower credit.
Pros: Low down payment, flexible credit requirements.
Cons: Requires mortgage insurance premiums (MIP).
2. VA Loan (Veterans Affairs Loan) (For eligible military members & veterans)
Credit Score Requirement: No official minimum, but lenders may require 580-620+.
Best For: Veterans, active-duty military, and qualifying spouses.
Pros: No down payment, no private mortgage insurance (PMI), competitive…
The skinny
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