FHA World - FHA Condo LoanCondo Loans are similar to loans for individual houses. Down payment requirements, credit, income and assets are the same. FHA only requires that 50% or more of the units be owner occupied.
FHA World - FHA Condo RequirementsGuidelines regarding the condo development must be met.
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?