FHA Loan Florida Bad Credit

FHA Loan Florida Bad Credit

Credit score mortgage - The lowest credit score to buy a home or refinance is 500. New requirements for both FHA and VA require a minimum FICO score of 500.

  • Fannie Mae requires a minimum score of 620
  • Freddie Mac requires a minimum score of 620
  • FHA requires a minimum score of 500
  • VA requires a minimum score of 500
  • USDA requires a minimum score of 620
  • Portfolio requires a minimum score of 640

Fannie Mae and Freddie Mac may require a minimum score of 620 but it becomes cost prohibitive for borrowers with scores below 660 for higher loan-to-value loans. Borrowers with higher scores are more likely to qualify for a conforming loan with a higher loan-to-value.

HARP allows you take advantage of current market rates even if you are underwater with a minimum score of 620. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.

FHA allows borrowers with scores above 580 to make a 3.5% down payment and up to 6% seller concession to purchase a home. Reserves may be required for borrowers with scores below 640.

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. Reserves may be required for borrowers with scores below 640.

Borrowers with a score above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a FICO score above 580.

If you have score below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with FICO score below 580.

VA allows veterans to buy a home with no money down with a minimum score of 500. VA guidelines allows a veteran buy a home using their own funds, gift funds and up to 4% seller concession for closing cost.

USDA loans requires a middle credit score of at least 620. The home to be purchased must be located in an eligible rural area as defined by the USDA. Income eligibility for the USDA Rural Development home loan program are derived from calculating 115% of the counties median income.

Portfolio

loans are loans that do not conform to Fannie Mae or Freddie Mac Guidelines. Jumbo loans are portfolio loans and require 15% down payment up to 1 million dollar with no mortgage insurance and 20% down payment up to 1.5 million. Credit score mortgage.

FHA Loan Florida Bad Credit

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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.


FHA Loan Florida Bad Credit

We look forward to working with you.

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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