An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders to reduce their risk of loss if a borrower defaults on their mortgage payments.
Most Lenders apply credit “Overlays” to the FHA minimum fico of 500 in order to minimize their perceived risk. It is common for other Lenders, Banks, and Credit Unions to require a 620 minimum credit score.
Top Flite is know nationally for approving the loans that others turn down. We have determined that your “Credit Score” is not always the best indicator of your ability or likelyhood to repay the loan on time.