2012 FHA Guidelines

2012 FHA guidelines requires a minimum credit score of 530 to buy a home or to refinance your existing mortgage. These new guidelines went in to effect in the summer of 2010.

To qualify for a 3.5% down payment FHA requires a minimum 580 credit score. With a 580 credit score the down payment can be the borrowers own funds or can come from a gift from a family member. Credit scores from 530 to 639 will require 12 months proof of rent history.

FHA guidelines allows a home buyer to finance up to 6% for seller's concession. The seller's concession must be written into the sales contract.

Home buyers with credit scores below 580 are required to make a down payment of 10%. The down payment funds must be the borrower's own funds. No gifts are allowed. Closing costs must be from the borrower's own funds. No seller's concessions are allowed.

To refinance you will need a minimum credit score of 530.

Borrowers with credit scores above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with credit scores above 580.

If you have credit scores below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with credit scores below 580.

Most lenders require a minimum credit score of 640 for a 2012 FHA loan.

Whether you're planing to buy your first home, refinance, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a mortgage. A perfect credit score is not needed for an FHA loan approval.

In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Credit scores down to 530 are accepted if there are compensating factors that offset the credit risk.

Apply now.

KEYWORDS: 2012 FHA Guidelines, FHA Loan Guidelines, 2012 Florida FHA Guidelines, 2012 New York FHA Guidelines, 2012 New Jersey FHA Guidelines,

Minimum Credit Score to buy a house or refinance

* FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment

* FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA Credit Score

Requires a minimum credit score of 500 to buy a home or refinance

Apply now!

Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval


Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid

Loans other than Government: Seasoning is determined by the date of sale the lender sold the property

Short Sale

FHA guidelines requires three year past from the date of sale of the property

Call Now, Our Staff is Available 888-958-4228

Apply Now!