First time home buyer 578 credit score Florida
FHA minimum credit score is 500.
New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.
To buy a home you will need a minimum credit score of 500.
Borrowers with scores above 580 require a 3.5% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history or on time mortgage payment history will be required for scores below 640. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.
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, short sale, foreclosure, it's easier for you to get an FHA loan. FHA allows home buyers 3.50% down payment with 580 credit score. If you have credit scores below 580 new FHA changes require a 10% down payment.
Credit - You must have a minimum credit score of 500 to meet most FHA guidelines.
Income - Your debt to income ratio should be below 50% and you should have a two year employment history.
Assets - For purchase loans assets must be sourced and verified.
Property - FHA loans are available for 1-to-4 families dwellings.
Items you will need to purchase a home:
* One Months Pay Stubs
* W2's for the last Two Years
* Three Months Banks Statements (all pages)
* Copy of Social Security Number
* Copy of Driver's License
* Sales Contract
KEYWORDS: First time home buyer 578 credit score Florida
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
* FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
* FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA Credit Score
Requires a minimum credit score of 500 to buy a home or refinance
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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