FHA Guidelines 2016 Down Payment

FHA Guidelines 2016 Down Payment

FHA guidelines. FHA has 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.

New FHA Guidelines

FHA guidelines allows a borrower with a credit score of 580 to buy a home with only a 3.5% down payment. FHA guidelines allows a borrower with a minimum credit score of 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a minimum credit score of 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

2016 FHA guidelines requires a minimum credit score of 500 for all loans.

Home buyers with a credit score below 580 are required to make a 10% down payment. FHA guidelines allows a borrower with a credit score below 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a credit score below 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

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 (purchase)
• 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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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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