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FHA Short Sale Guidelines 2013

FHA Short Sale Guidelines 2013

FHA short sale guidelines 2013 lets you qualify after three years from a short sale. FHA guidelines requires three year past from the date of sale.

FHA guidelines for short sale allows borrowers with a minimum credit score of 530 qualify for a FHA loan. After a short sale, above 580 credit score and three years past the sale date FHA allows only 3.5% down payment.

Credit Score

New FHA policy requires a minimum credit of 530 to buy a home or refinance. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.

To buy a home or refinance you will need a minimum FICO score of 530.

Borrowers with scores above 580 require a 3.5% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history or on time mortgage payment history will be required for scores below 640. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.

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. 12 months of on time rental history or on time mortgage payment history will be required. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.

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 (purchase)
• 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)

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Minimum Credit Score Needed

to Buy a Home or Refinance

Apply Now!

FHA

Requires a minimum credit score of 530 to buy a home or refinance

FHA minimum

credit score 530

VA

Requires a minimum credit score of 530 to buy a home or refinance

VA minimum

credit score 530

Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620

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