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.
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FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
FHA guidelines requires three year past from the date of sale of the property
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