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Licensed in the State of Florida

Licensed in the State of New Jersey  


First time home buyer 2014

July 29, 2013


First time home buyer 2014 - 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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2014 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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