FHA Short Sale Guidelines 2016

FHA Short Sale Guidelines 2016


Borrowers with a prior short sale, foreclosure, deed-in-lieu, or bankruptcy may be eligible for an FHA insured loan if the short sale, foreclosure, deed-in-lieu, bankruptcy was the result of a documented extenuating circumstance.

Borrowers may 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.

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.

FHA 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 FHA allows a seller concession of up to 6% of the purchase price to pay for closing cost.

FHA requires a minimum credit score of 500 to qualify for a first time 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

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 530.

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

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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.

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.



We look forward to working with you.

We look forward to working with you.

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FHA short sale guidelines 2016 Florida, FHA short sale guidelines 2016

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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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888.958.5382

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