New FHA policy requires a minimum credit of 500 to buy a house or refinance. FHA did not require any credit score before 2010.
Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed.
If you have a credit score below 580, new FHA changes require a 10% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed.
Borrowers with credit score above 580 can refinance up to 96.75% loan-to-value with a rate and term refinance. Borrowers with credit score below 580 can refinance up to 90% loan-to-value with a rate and term refinance.
Borrowers with credit score above 580 can cash out up to 85%
loan-to-value. Borrowers with credit
score below 580 can cash out up to 75% loan-to-value.
Collection Accounts
There are no documentation or letter of explanation requirements for loans with collection accounts or judgments run through Fannie Mae that receive an Approve/Eligible despite the presence of collection accounts or judgments.
An exception to the payoff of a court ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments.
Bankruptcy
At least 2 years must have elapsed since the discharge date of the borrower's Chapter 7.
Foreclosure
Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.
Seasoning requirements are determined by the type of loan:
Government loan: Seasoning is determined by the date the claim was paid
Other than Government loan: Seasoning is determined by the date of sale the lender sold the property
Short sale
FHA guidelines requires 3 year past from the date of sale of the property.
Call us 888.958.5382
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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FHA loan requirements - FHA loan limits - FHA loans - FHA Streamline
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KEYWORDS: FHA loan qualifications 2016 Florida,
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
VA loans
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans
USDA loans require a minimum 580 credit score to buy a houseor refinance
HOMEPATH
HomePath loans require a minimum 620 credit score to buy a house
HARP refinance
HARP loans require no minimum credit score torefinance
Freddie Mac
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
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