KEYWORDS:FHA Mortgage Requirements Credit Score Florida, FHA Mortgage Requirements Credit Score New Jersey,

FHA Mortgage Requirements Credit Score 2016

FHA Mortgage Requirements Credit Score 2016

FHA minimum credit score is 500. New FHA policy requires a minimum credit of 530 to buy a home or refinance. 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 500.

Borrowers with credit score above 580 require a 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.

FHA does not have a minimum trade line requirement.

FHA allows borrowers with no credit score to qualify for an FHA loan.

If your credit score is below 580 new FHA changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.

New FHA Collection Account 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.

Bankruptcy Foreclosure and Short Sale

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.

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

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. If at the time of short sale your mortgage payments were not late for the previous 12 months there is no waiting period.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

FHA Mortgage Requirements Credit Score Florida, FHA Mortgage Requirements Credit Score New Jersey,

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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 home with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply now.

We look forward to working with you.

Credit score needed

to buy a house or refinance

FHA credit score

FHA requires a minimum 500 credit score to buy a house

500 credit score

VA credit score

VA requires a minimum 500 credit score to buy a house

500 credit score

Fannie Mae credit score

Fannie Mae requires a minimum 620 credit score to buy a house

620 credit score

Freddie Mac credit score

Freddie Mac requires a minimum 620 credit score to buy a house

620 credit score

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