FHA Purchase Guidelines 2016

FHA purchase guidelines 2016 allows a borrower with a minimum credit score of 580 to put a 3.5% down payment. FHA purchase allows the down payment to be from the borrowers own funds or to come from a gift from a family member.

FHA first time home buyers with credit scores above 580 are allowed a seller's concession of up to 6%. These guidelines have not changed for 2016.

2016 FHA purchase guidelines requires a minimum credit score of 500.

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2019 FHA Credit Score needed to buy
a condo or refinance


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

FHA requires a minimum credit score of 500 to buy a home or refinance


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


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)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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