September 25, 2013
January 20, 2010 - First time home buyer Florida minimum credit score is 530. New FHA policy requires a minimum credit of 530 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.
August 15, 2013 - 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.
First time home buyer Florida
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).
Call us 888.958.4228
Mortgage World Home Loans is
an online mortgage company specializing in FHA loans for first time
home buyers. 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.