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However, using a personal loan to cover your down payment is generally not a good idea. Instead, people purchasing homes should consider other financing options including fha loans, alternative lenders, down payment assistance programs and various other options that are less costly or less risky than personal loans.
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· FHA loan rules state that the minimum required down payment is as follows: “For purchase transactions, the maximum LTV is 96.5% percent (the reciprocal of the 3.5% required investment).” The acronym “LTV” stands for loan-to-value and is, in simple terms, the amount of the loan after the down payment has been made.
Credit Score Required For Fha Loan What Do You Need to Qualify for a Mortgage? – the minimum credit score required is generally 620. USDA loans typically require a minimum score of 640, however, and some lenders will provide loans to borrowers with scores of 580 or lower. For FHA.Fha Home Loan Requirement How To Get Approved For A Fha Loan How to Get Approved for an FHA Loan – freecreditreport.com Blog – How to Get Approved for an fha loan published on Dec 05, 2013 07:05 am The federal housing administration (fha)’s mortgage insurance program, which dates back to the New Deal, helps moderate-income Americans buy houses.