Buy a Home with an FHA Loan

FHA World -  FHA Loan

Buy a Home with an FHA loan. First-time home buyers and home buyers with less than perfect credit can take advantage of easier qualifying standards from FHA. To qualify for an FHA loan you must have a minimum credit score of 580 for 3.50% down payment. Credit scores below 580 will require a 10% down payment and tougher guidelines.

FHA World -  Buying a Home in Florida

The following are just some of the reasons FHA loans are popular again:

data-custom-mark="true"Minimal Down Payment and Closing Costs

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  • data-custom-mark="true"Downpayment less than 3.5% of Sales Price
  • data-custom-mark="true"Gift for downpayment and closing costs allowed.
  • data-custom-mark="true"No reserves required.
  • data-custom-mark="true"FHA regulated closing costs.
  • data-custom-mark="true"Seller can credit up to 6% of sales price towards buyers costs.

data-custom-mark="true"Easier Credit Qualifying Guidelines

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  • data-custom-mark="true"Minimum FICO credit score of 600.
  • data-custom-mark="true"FHA will allow a home purchase two years after a Bankruptcy.
  • data-custom-mark="true"FHA will allow a home purchase  three years after a Foreclosure. 

data-custom-mark="true"Easier Debt Ratio & Job Requirement Guidelines

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  • data-custom-mark="true"Higher Debt Ratio's than other home loan programs.
  • data-custom-mark="true"Less than two years on the job is allowed.
  • data-custom-mark="true"Self-Employed individuals o.k.


Find out if you're eligible to Buy a home with an FHA loan >>

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Minimum Credit Score to buy a house or refinance

* 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

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Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval

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

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