FHA World Florida - FHA Down Payment
FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed.
FHA loans have been helping people become homeowners since 1934. The FHA insures the loan, so you can get a better deal.
FHA World - Verified FundsIf you will be using your own funds for the down payment you will have to provide three recent months statements showing the funds in your account. If the down payment will be a gift a signed gift letter will be needed from the giver. Ability to give the gift will also be needed. A statement from the giver's account will be needed showing the funds available. Any and all gift funds must be documented with cancelled checks or wire transfer.
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?