FHA loans have been helping people become home owners since 1934.
1. A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to get an FHA loan. FHA allows 3.50% down payment and you can finance up to 6% for closing costs with only a 580 Credit Score.
2. First time buyers need a minimum credit score of 500 for an FHA loan approval. FHA allows you to make a down payment of only 10% if you have credit scores below 580. Down payment funds plus closing cost must be from the borrower's own funds. No gift funds.
3. Lease with option to buy mortgage. Lease with option to buy allows a renter to buy the property they are renting. A lease option mortgage allows for sellers credit. No money down mortgage option.
4. FHA 203k mortgage loan. Rehab a Home with a HUD 203k Rehab Program. The FHA 203k program makes it easy for borrowers to purchase and remodel a property, and for current homeowners rehab your home with one loan.
5. Gift of equity mortgage loan. A gift of equity is a transfer of ownership of a property to a family member or someone. Gift of equity down payment and gift funds requirements.
6. FHA down payment. FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed.
7. FHA closing cost. FHA regulates some of the closing costs associated with a FHA loan. FHA allows the seller to pay up to 6% of the sales price for closing cost.
8. FHA credit. FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
KEYWORDS:Florida Lenders for Credit Score 500,
* 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
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
FHA guidelines requires three year past from the date of sale of the property
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