In many cases borrowers will typically find that lenders require average credit scores of around 620 or so (or better), but no two lenders operate exactly the same–you may find higher or lower FICO score requirements depending on the lender, the type of home loan, etc.
This reader question seems to imply that the borrower wants to get a loan for a specific amount, but it’s important to understand how FHA loan amounts are determined. The FHA loan amount is set based on the sale price or the property, or the appraised value–whichever is lower. The loan amount can also be affected by adding things to the loan such as an FHA Energy Efficient Mortgage, including permitted fees and expenses into the loan, etc.
So the borrower doesn’t apply for “X” amount of dollars on the loan, rather, the amount is determined by the factors mentioned above. The FHA loan program does not permit borrowers to apply for zero down payment loans–a cash investment by the borrower is required.
Additionally, the FHA does not allow loans for higher amounts than required to complete the transaction with the idea that the borrower can get money back on the deal. FHA loan rules are specifically designed to prevent this from happening.
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