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FHA loan requirements 2016

FHA loan requirements 2016


FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 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.

  • You will need a minimum credit score of 500
  • FHA does not have a minimum trade line requirement
  • FHA allows borrowers with no credit score to qualify

Borrowers with credit score above 580 will require a minimum 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member. FHA mortgage allows the seller to pay up to 6% of your closing cost.

If your credit score is below 580 new FHA mortgage changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family. FHA mortgage allows the seller to pay up to 6% of your closing cost.

FHA loan requirements 2016

The lowest credit score to buy a house or refinance your mortgage is 500.

Collection Account  - FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

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. FHA mortgage credit score minimum 500.

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. If at the time of short sale your mortgage payments were not late for the previous 12 months there is no waiting period.

HUD's mission is to support the nation’s housing market. FHA loan requirements 2016 get pre approved for an FHA loan online.

HUD homes for sale $100 down payment
First time home buyer

What documentation will I need?

• Personal tax returns for the past 2 years (with W2's)
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Sales contract (if purchase)


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FHA mortgage minimum credit score needed to buy a house or refinance


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FHA LOANS

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

FHA minimum

credit score 500


VA LOANS

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

VA minimum

credit score 500


Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

FICO score 620


Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

FICO score 620


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