Licensed in the State of Florida


Judgments

Judgments


FHA requires judgments to be paid in full or meet the exception guidance for judgments, unless excluded by state law.

An exception to the payoff of a court-ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments. 

A copy of the agreement must be provided along with evidence that payments were made on time in accordance with the agreement, and a minimum of three months payments have been made prior to credit approval.

Borrowers are not allowed to prepay scheduled payments in order to meet the required minimum of three monthly payments. 

The payment amount must be included in the calculation of the borrower’s debt-to-income ratio.

Mortgage World Home Loans of New Jersey is a licensed residential mortgage broker and will match you with the lender that will approve your FHA loan down to a 500 credit score.

FHA has changed the minimum credit score for new borrowers:

  • 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%
  • This has allowed the FHA to better balance its risk and continue to provide financing for home buyers

August 15, 2013 - New borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

Whether you're planing to refinance, buy your first home, lower your monthly payments, refinance an investment property, buy a second home, apply for an FHA loan, consolidate debt or get pre-approved for a mortgage you can apply online or call us 888.958.4228.


Judgments

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FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income


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Minimum credit score needed to buy a house or refinance


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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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