FHA World - Mortgage World Home Loans, L.L.C.
FHA purchase loans. Buy a Home with an FHA loan. First-time home buyers and home buyers with less than perfect credit can take advantage of easier qualifying standards from FHA. To qualify for an FHA loan you must have a minimum credit score of 580 for 3.50% down payment. Credit scores below 580 will require a 10% down payment and tougher guidelines.
FHA World - Buying a Home
The following are just some of the reasons FHA loans are popular again:
Minimal Down Payment and Closing Costs
Easier Credit Qualifying Guidelines
Easier Debt Ratio & Job Requirement Guidelines
FHA World - FHA Mortgage
A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk. For most Americans, an FHA loan is the best way to finance the purchase of a new home.
FHA World Florida - Florida Mortgage
Down Payment of 3.5% must have minimum credit score 600.
Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for 85% loan-to-value. These FICO requirements went into effect in the spring 2010. However, most individual lenders will still require credit scores higher than 640.
A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a
conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
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
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?