1st Time Home Buyer Florida


1st Time Home Buyer 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 any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 500.

Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and up to a 6% seller concession is allowed. 

If you have credit scores below 580 new FHA changes require a 10% down payment. All funds can be the borrower's own funds or gifts are allowed. Up to a 6% seller concession is allowed.

FHA requires a minimum credit score of 500. 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.

  • 203(b) FHA purchase program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  • 203(k) FHA purchase program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding home ownership opportunities.
  • HUD $100 down payment program for borrowers purchasing single-family HUD Real Estate Owned (REO). The program is limited to owner-occupant buyers who have not purchased a HUD REO property within the last 24 months.

FHA allows a home buyer to make a down payment of 3.50% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyers with credit scores below 580 must make a minimum 10.0% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost. 1st time home buyer Florida.

Apply Now!

Call us 888.958.5382


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

1st Time Home Buyer Florida

Apply Now

Call us 888-958-5382


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.

LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Minimum Credit Score FHA Loan 2024 FL

    Feb 26, 24 08:56 AM

    blog.png
    Minimum credit score FHA loan 2024. Minimum credit score is 500. Credit score above 580 require a 3.5% down payment. Credit scores below 580 10% down payment.

    Read More

  2. NJ Mortgage, Mortgage Rates NJ, Mortgage Refinance NJ, NJ Home Buyer

    Feb 22, 24 06:39 PM

    Blog 1
    NJ Mortgage, Mortgage Rates NJ, Refinance Mortgage NJ, New Jersey Mortgage Rates, NJ First Time Home Buyer Mortgage, NJ Cash Out Refinance Mortgage.

    Read More

  3. NJ Refinance Closing Cost

    Feb 22, 24 06:37 PM

    Blog 1
    NJ Refinance Closing Cost, Lowest Refinance Closing Cost in New Jersey, Refinance Closing Cost in NJ, Mortgage Closing Cost, Refinance Closing Cost, NJ

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

Minimum Credit Score Needed

to Buy a Home or Refinance


Apply Now!

FHA

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

FHA minimum

credit score 500

VA

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

Call Now, Our Staff is Available

888-958-5382

Apply Now!