FHA loans after foreclosure 2016
A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible.
Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.
Seasoning requirements
FHA after foreclosure Extenuating circumstances
New FHA loan requirements borrowers may also 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.
Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.
Credit score
January 20, 2010 - New FHA announced a policy change to address risk and strengthen finances. FHA has changed the minimum credit score for new borrowers:
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Minimum credit score needed
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FHA Loans
requires a minimum credit score of 500 to buy a home or refinance
VA Loans
requires a minimum credit score of 500 to buy a home or refinance
Fannie Mae
requires a minimum credit score of 620 to buy a home or refinance
USDA Loans
requires a minimum credit score of 580 to buy a home or refinance
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