KEYWORDS:FHA Guidelines 2013 Short Sale, FHA Guidelines 2013 Florida Short Sale,
FHA guidelines 2016 lets you qualify after three years from a short sale. FHA guidelines requires three year past from the date of sale.
FHA guidelines for short sale allows a borrowers with a minimum credit score of 500 qualify for a FHA loan. After a short sale, above 580 credit score and three years past the sale date FHA allows only 3.5% down payment.
New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.
To buy a home or refinance you will need a minimum FICO score of 500.
Borrowers with credit score above 580 require a 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.
FHA does not have a minimum trade line requirement.
FHA allows borrowers with no credit score to qualify for an FHA loan.
If your credit score is below 580 new FHA changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.
New FHA Collection Account Guidelines
FHA changed it's collection account guidelines. Going forward all collection accounts within the last two years must be paid off. All collection accounts totaling over $1,000.00 must be paid off. Collection accounts that total less than $1,000.00 and are over two years old may not have to be paid off.
If you have collection accounts that are not paid off - FHA allows you to set up a payment arrangement to qualify. By setting up a payment arrangement FHA will allow you to make three on time monthly payments to qualify for a FHA loan.
Bankruptcy Foreclosure and Short Sale
Bankruptcy - At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines.
Foreclosure - Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.
Short Sale - FHA guidelines lets you qualify for a loan after three years from a short sale. FHA guidelines requires three year past from the date of sale of the property.
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
• 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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What's the minimum credit score needed to buy a house or refinance in Florida?
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans require a minimum 580 credit score to buy a houseor refinance
HomePath loans require a minimum 620 credit score to buy a house
HARP loans require no minimum credit score torefinance
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
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