FHA loan qualifications 2017


FHA loan qualifications 2017 - FHA requires a minimum credit score of 500 to qualify for a home buyer loan.

  • Minimum 580 credit score 3.5% down payment
  • Below 580 credit score 10% down payment
  • There are no trade line requirements
  • Collection accounts do not have to be paid off
  • Any disputed accounts must be resolved
  • Borrowers with a credit score below 620 will require either 12 month verifiable rental history or the down payment funds must be the borrowers own funds

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

Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution. Minimum credit score of 500.

Seasoning Requirements are determined by the type of loan:

  • 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 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.

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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.


We look forward to working with you.

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What's the minimum credit score needed to buy a house or refinance in Florida?

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FHA loans

FHA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

VA loans

VA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score

USDA loans

USDA loans require a minimum 580 credit score to buy a houseor refinance

580 credit score

HOMEPATH

HomePath loans require a minimum 620 credit score to buy a house

620 credit score

HARP refinance

HARP loans require no minimum credit score torefinance

No minimum credit score

Freddie Mac

Freddie Mac loans require a minimum 620 credit score to buy a house or refinance

620 credit score

Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.

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