FHA Loan Requirements 2017

FHA Loan Requirements 2017

FHA Loan Requirements 2017

FHA loans have been helping people become homeowners since 1934. A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to get an FHA loan than a conventional loan.

FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.

  • 203(b) FHA purchase program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  • 203(k) FHA purchase program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding home ownership opportunities.
  • HUD $100 down payment program for borrowers purchasing single-family HUD Real Estate Owned (REO). The program is limited to owner-occupant buyers who have not purchased a HUD REO property within the last 24 months.
  • Lease with option to buy mortgage. Lease with option to buy allows a renter to buy the property they are renting. A lease option mortgage allows for sellers credit.
  • Gift of equity mortgage loan. A gift of equity is a transfer of ownership of a property to a family member or someone. Gift of equity down payment and gift funds requirements.

FHA allows a home buyer to make a down payment of 3.50% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyers with credit scores below 580 must make a minimum 10.0% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost.

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 regulates some of the closing costs associated with a FHA loan.

FHA allows the seller to pay up to 6% of the sales price for closing cost.

FHA Credit

FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery. FHA loan requirements 2017.

Apply Now!

Call us 888.958.5382

What's the minimum credit score needed to buy a house or refinance in Florida?

Apply Now!

Call 888.958.5382

E-mail Us!

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.

Call Now, Our Staff is Available!

888.958.5382

Apply Now!