2017 FHA Requirements

2017 FHA Requirements

1. FHA minimum credit score guidelines for 2017. Effective 2010 FHA requires a minimum credit score of 500 to qualify for any FHA loan. Credit scores below 580 will require larger down payment or lower loan-to-value. Borrowers with no credit scores can qualify by using non-traditional (alternative) credit.

2. Current bankruptcy rules. FHA allows individuals that have filed Chapter 7 bankruptcy to qualify for an FHA loan after two years. Borrowers must have re-established credit. FHA allows individuals that have filed Chapter 13 bankruptcy to qualify for an FHA loan after one year. Borrowers must have made on time payments to the bankruptcy trustee.

3. FHA home purchase loan or mortgage refinance. 2017 FHA guidelines allows a home buyer with a credit score above 580 to make a down payment of 3.5%. The down payment funds can be the borrower's own funds or can come from a gift from a family member. FHA allows a seller's concession of up to 6% with credit scores above 580.

Home owners with credit scores above 580 can refinance cash-out up to 85% loan-to-value and a rate and term refinance up to 97.75% loan-to-value.

4. FHA maximum loan-to-value guidelines. Home buyers with a credit score above 580 are allowed to make a 3.5% down payment. Home buyers with credit scores below 580 are required to make a 10% down payment.

Home owners with credit scores above 580 can do a rate and term refinance up to a 97.75% loan-to-value. Home owners with credit scores below 580 can do a rate and term refinance up to a 90.0% loan-to-value

5. FHA qualifying guidelines. FHA 2017 guidelines allow a borrower to qualify for a FHA loan with a debt-to-income ratio of up 50% with credit scores above 580. Borrowers with credit scores below 580 can qualify for a FHA loan with a debt-to-income ratio of up 50% with compensating factors.

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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


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Collection accounts

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

Bankruptcy

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

Foreclosure

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

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