First Time Home Buyer Programs 2018

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Licensed in the State of New Jersey


First Time Home Buyer Programs 2018

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FHA changed it's minimum credit score requirements. FHA now requires a minimum credit score of 500 to be eligible for a FHA loan.

The FHA has taken the following steps

  • Update the combination of credit score 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%

Collection Accounts 

FHA does not require that collection accounts be paid off as a condition of mortgage approval. Auto repossession, medical collection accounts, credit card collection account and any other collection accounts do not have to be paid off.

Collection accounts in the borrower’s credit history already results in lowering the credit scores used in the approval process and thus no action is required by the borrower.

First Time Home Buyer Programs 2017

FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying all of the closing cost. Closing cost average around $6,500.00 depending on taxes, hazard insurance and who's paying the transfer tax and owner's title insurance, etc.

To buy a house using an FHA loan you will need a minimum of 3.5% down payment plus closing cost. On a $100,000.00 purchase you will need $3,500.00 (down payment) plus $6,500.00 (closing cost). You will need around $10,000.00 if you are paying all the closing cost.

By allowing the seller to pay for your closing cost you will decrease the amount of out of pocket cash required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays $6,000.00 for your closing close. You will only need an extra $500.00 to cover your closing cost. By using a seller contribution for closing cost you will only need around $4,000.00 to buy a $100,000.00.


First Time Home Buyer Programs 2018

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FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan


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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 in Florida?

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FHA loans

FHA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

VA loans

VA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score

USDA loans

USDA loans require a minimum 580 credit score to buy a houseor refinance

580 credit score

HOMEPATH

HomePath loans require a minimum 620 credit score to buy a house

620 credit score

HARP refinance

HARP loans require no minimum credit score torefinance

No minimum credit score

Freddie Mac

Freddie Mac loans require a minimum 620 credit score to buy a house or refinance

620 credit score

Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.


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