Florida FHA mortgages

Florida FHA mortgages to buy a home or refinance!


FHA rates - To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit score.


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.

The Federal Housing Administration insures FHA loans and did not used to require a minimum credit score. The new FHA policy changes requires a minimum credit score of 580 for 3.5% down payment and anyone purchasing a home with a score lower than 580 will require 10% down payment.

The FHA has taken the following step:

  • Update the combination of credit scores and down payments 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%

FHA loan refinance minimum credit of 580 for a 97.5% rate and term refinance and 85% cash out refinance. Minimum credit score FHA loan is 500.


Florida FHA mortgages


No credit history - Three lines of credit are necessary to apply for an FHA loan. However, in the event a borrower does not have sufficient credit on their credit report the FHA will allow substitute forms. FHA allows minimum trade lines if you have credit scores.

Late payments - During an underwriter analysis of borrower credit, the overall pattern of credit behavior is being reviewed rather than isolated cases of slow payments. If a good payment pattern has been maintained, regardless of a specific period of financial difficulty preceded it, the borrower may escape disqualification.

Collection, Judgments, Federal debts - A collection is minor in nature usually does not need to be paid off as a condition for loan approval. It is stated as such in FHA guidelines. Any judgments will have to be paid in full prior to closing. Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible.

Chapter 7 bankruptcy - At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.

Foreclosure - 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. 

Short sale - FHA guidelines lets you qualify after three years from a short sale. If your mortgage payments were not late at the time of short sale you do not have to wait to qualify for an FHA loan.


Florida FHA mortgages

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


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FHA loan

Requires a minimum credit score of 500 to buy a home or refinance

FHA minimum

credit score 500


VA loan

Requires a minimum credit score of 500 to buy a home or refinance

VA minimum

credit score 500


Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620


Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620


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