KEYWORDS:Buying A Home After A Short Sale 2013

Buying A Home After A Short Sale 2016

Buying A Home After A Short Sale 2016

FHA allows you to purchase a home 3 years after short sale.

FHA guidelines 2016 minimum credit score is 500. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.

To buy a home after a short sale FHA requires 3 years past since the date of the short sale.

Borrowers with scores above 580 require a 3.5% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history payment will be required for scores below 640. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.

If you have FICO scores below 580 new FHA changes require a 10% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history or on time mortgage payment history will be required. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.

Most lenders require a minimum FICO score of 640 for a FHA loan.

We don't. FHA requires a minimum credit score of 500.

Whether you're planing to buy a home or need to get pre-approved for a mortgage. A perfect FICO score is not needed for an FHA loan approval.

In fact, even if you have had credit problems, such as a short sale or 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.

Buying A Home After A Short Sale 2016

Apply Now!

Call us 888.958.5382

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

We look forward to working with you.

Minimum Credit Score Needed

to Buy a Home

Apply Now!

Fannie Mae

Requires a minimum credit score of 620 to buy a home

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home

Freddie Mac minimum

credit score 620

FHA

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500

Call Now, Our Staff is Available

888-958-5382

Apply Now!