Key Benefits
- Lenient credit score requirements (as low as 580)
- Borrow up to 80% of your home's current value
- More flexible debt-to-income
ratios
- Lower down payment history requirements
- Ideal for
credit rebuilding situations
Requirements
- Credit score:
Minimum 580 (500-579 may qualify with restrictions)
- Maximum LTV:
80%
- Must have
FHA-insured mortgage
for at least 12 months (or any mortgage for 12+ months for FHA Streamline)
- Mortgage insurance (PMI) required, both upfront and monthly
- Property must be your primary residence
- On-time
payment history for past
12 months
