September 18, 2013
Buy a house 2014 - FHA requires a minimum credit score of 530 to qualify for a home buyer loan.
August 15, 2013 - 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.
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.
FHA minimum credit score
FHA allows a home
buyer to make a down payment of 3.50% and allows the seller to contribute up to
6% of the purchase price for closing costs
with a 580 minimum credit score.
First time home buyers with a credit score below 580 must make a minimum 10.0% down payment and allows a seller concession of up to 6% of the purchase price to pay for closing cost.
Chapter 7 Bankruptcy
At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines.
Chapter 13 Bankruptcy
FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan.
Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution. Minimum credit score of 530.
Seasoning Requirements are determined by the type of loan:
FHA requires a minimum of three years from the date of sale. FHA guidelines requires three year past from the date of sale of the property. Documentation of sale date will be required.
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 house 2014 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.