See If You Qualify

Licensed in the State of Florida

Licensed in the State of New Jersey  


2013 FHA Loan

2013 FHA loan. Apply for a 2013 FHA loan.

FHA minimum credit score is 530. New FHA policy requires a minimum credit of 530 to buy a home or refinance. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 530.

Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed. Often, 12 months of rental history is required for credit score below 620.

If you have credit scores below 580 new FHA changes require a 10% down payment. Funds can be the borrower's own funds or a gift from a family member. FHA allows up to a six percent seller concession for closing cost. Many times 3 to 6 months reserves will be required.

Apply for a FHA loan online.

To refinance your mortgage you need a minimum credit score of 530.

Borrowers with a credit score 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 a credit score above 580.

If you have credit score 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 score below 580.

Most lenders require a minimum credit score of 640 for a 2013 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.

What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Latest retirement statement for each active account (all pages)
  • Sales contract (purchase)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)
  • Addresses and loan information of other real estate owned (if any)


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