How to Qualify for an FHA Loan. The minimum down payment to qualify will depend on your credit score. If your FICO score is 580 or higher, you’ll need a minimum down payment of 3.5% of the purchase price. If your score is lower than 580, you’ll need at least a 10% down payment.
· Mortgage Options for People with Bad Credit. People with bad credit often don’t have the disposable income to provide a substantial down payment on their homes. For this reason, alternative home loans are offered to this clientele. For example, FHA loan providers can give you a down payment of as low as 3.5%.
Qualify For Hud Loan New deal program fha Fha New Deal Program | Fhalendernearme – Fha New Deal Definition – mortagecompainesnearme.com – Under the New Deal FHA program only 2% of home loans went to minority families. But, 36.8% of Latinos and 41.2% of African Americans fit that definition. The biggest differences among these three g.