Compared with conventional home loans, FHA loan providers are willing to look at the entire picture rather than declining a borrower for falling short on particular criteria.
- Low minimum down payment (currently 3.5%)
- Reasonable credit expectations
- Flexible income requirements
- Credit scores as low as 580 may qualify to refinance up to 97.75% of a primary home’s value
- Refinance using your initial purchase price without an appraisal