Apply FHA Loan

FHA World - Apply FHA Loan

How to apply for a FHA Loan. Whether you're planing to refinance, buy your first home, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a mortgage your application will depend on four factors:

Credit - You must have a minimum credit score of 580 to meet most FHA guidelines. If your credit score is less than 580 on a case by case scenario. 

Income - Your debt to income ratio should be below 50% and you should have a two year employment history.

Assets - For purchase loans assets must be sourced and verified.

Property - FHA Loans are available for 1-to-4 families dwellings. 1-2 families require 3.5% down payment 3-4 families require 5% down

Items you will need to Purchase a Home or Refinance your mortgage:

* One Months Pay Stubs
* W2's for the last Two Years
* Three Months Banks Statements (all pages)
* Copy of Social Security Number
* Copy of Driver's License
* If Purchase Sales Contract
* If Refinance Current Mortgage Statement

Minimum Credit Score of 580

FHA World - FHA Credit Score

Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for 85% loan-to-value. These FICO requirements went into effect in the spring 2010. However, most individual lenders will still require credit scores higher than 640.

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 qualify for an FHA loan than a for a conventional loan. Scores down to 500 are accepted if there are compensating factors that offset the credit risk



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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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