FHA mortgage Miami

FHA mortgage Miami

FHA minimum credit score is 500.

New FHA policy requires a minimum credit of 500 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 in Florida you will need a minimum credit score of 500.

Borrowers with credit score above 580 will require a 3.5% down payment. The funds can be a gift from a family member or the borrowers own funds. FHA allows the seller to pay up to 6% for your closing cost. 

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. FHA allows the seller to pay up to 6% of your closing cost.

Collection Accounts 

FHA does not require that collection accounts be paid off as a condition of mortgage approval. Medical collection accounts, auto repossessions, credit card collection account and any other collection account do not have to be paid off.

Collection accounts trigger neither an explanation requirement nor a hypothetical monthly payment to be used in qualifying borrowers. The presence of collection accounts in the borrower’s credit history already result in lowering the credit bureau scores used in the approval process and, thus, no further information or action need be provided by the borrower.

Judgments

Court-ordered judgments must be paid off before the mortgage loan is eligible for FHA insurance endorsement.

An exception to the payoff of a court-ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments and can provide documentation indicating that payments have been made according to the agreement.

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. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.

Foreclosure

A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible.

Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution. You will need to document when the lender sold the property after they took possession of the property.

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 guidelines lets you qualify for a loan after three years from a short sale. FHA guidelines requires three year past from the date of sale of the property.

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