First Time Home Buyer 2017
First time home buyer 2017 - FHA requires a minimum credit score of 500 to buy a house. 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.
- 203b FHA purchase program provides mortgages for home buyers to purchase a principal residence with a low down payment and with lower credit standards.
- 203k 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.
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FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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2017 Home Buyer
FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
- New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
- New borrowers with less than a 580 credit score will be required to put down at least 10%
Collection accounts
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Bankruptcy
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure
Foreclosure must have been resolved for at least 3 years
Short Sale
FHA guidelines requires three year past from the date of sale of the property
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