Licensed in the State of Florida


FHA First Time Home Buyer 2013

FHA First Time Home Buyer 2013

FHA first time home buyer 2013. FHA 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. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 530.

  • Borrowers with credit score above 580 require a 3.5% down payment.
  • The funds can be a gift from a family member
  • FHA allows up to a 6% seller concession is allowed.
  • Often, 12 months of verifiable rental history is required for credit score below 620
  • FHA first time home buyer 2013

If you have credit scores below 580 new FHA changes require a 10% down payment. All funds can be the borrower's own funds or gifts are allowed. Up to a 6% seller concession is allowed. Often, 12 months of verifiable rental history is required for credit score below 640. If no verifiable rental history 3 months reserves will be required.

New Guidelines

FHA on April 2012 changed it's collection account guidelines. Going forward all collection accounts within the last two years must be paid off. All collection accounts totaling over $1,000.00 must be paid off. Collection accounts that total less than $1,000.00 and are over two years old may not have to be paid off.

If you have collection accounts that are not paid off - FHA allows you to set up a payment arrangement to qualify. By setting up a payment arrangement FHA will allow you to make three on time monthly payments to qualify for a FHA loan.

Seller Concession

FHA allows up to a 6% seller concession to purchase a home. So, if you want to buy a home for a $100,000.00 FHA will allow the seller to pay up to $6,000.00 for your closing cost (APR 5.98%). The seller must agree to a seller concession and in the above case you are allowed a seller concession of up to $6,000.00 for closing cost.

Your closing cost can then be rolled into your new loan.

FHA requires a 3.5% down payment. The down payment can be a gift from a family member or your own funds. So, in the above example the only down payment funds you will need to buy a $100,000.00 home is $3,500.00.

Seller concession must be added to the sales contract.

When you find a property you want to make an offer on you must include the seller concession in the sales contract. 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).

The above example requires a minimum credit score of 580.

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Property State*
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When do you want to close*
Describe your Credit*
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Occupancy*
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Have you ever declared bankruptcy, when was it discharged*
Do you have any foreclosures*
Have you ever had a short sale*
Do you have any collection accounts, excludung medical*
Verifiable rental or mortgage history*
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Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you


Minimum Credit Score Needed

to Buy a Home or Refinance

Apply Now!

FHA

Requires a minimum credit score of 530 to buy a home or refinance

FHA minimum

credit score 530

VA

Requires a minimum credit score of 530 to buy a home or refinance

VA minimum

credit score 530

Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620

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