Florida FHA loan minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require any credit score.
Borrowers with credit score above 580 require a 3.5% down payment. If you have credit score below 580 new FHA changes require a 10% down payment.
Back to work program - New guidelines borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.
Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.
Seller contribution - FHA allows the seller to pay up to 6% of the purchase price for your closing costs. The seller concession must be added to the sales contract. If it's not in the sales contract, you are paying for your closing cost.
When you find a property you want to make an offer on you can write it in two ways as a dollar amount (seller will pay up to $6,000.00 for closing cost) or you can write it in a percentage amount (seller will pay up to 6% of the purchase price for closing cost).
Collection accounts - FHA loans do 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.
Florida FHA loan
Call us 888.958.4228
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers in Florida.
To buy a home with 3.5% down payment and a minimum
credit score of 580 using an FHA loan apply online.
We look forward to working with you.
KEYWORDS: Florida FHA loan, FHA loan Florida, Florida mortgages,
Florida FHA loan
FHA Credit Score
FHA loans require 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
Call Now, Our Staff is Available