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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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
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
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
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?