Apply for a 2016 FHA loan.
FHA minimum credit score is 500. New FHA policy requires a minimum
credit of 500 to buy a home or refinance. 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 the borrower's own funds or a gift from a family member. FHA allows the seller to up to 6% of the purchase price for your closing cost.
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 a gift from a family member. FHA allows the seller to up to 6% of the purchase price for your closing cost.
Apply for a FHA loan
online.
To refinance your mortgage you need a minimum credit score of 500.
Borrowers with a credit score above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a credit score above 580.
If you have credit score below 580 new FHA changes require a
maximum loan-to-value of 90% for a rate and term refinance. And up to
75% cash out refinance with credit score below 580.
Most lenders require a minimum credit score of 640 for a
2016 FHA loan.
Whether you're planing to buy your first home, refinance, lower your
monthly payments, buy a second home, consolidate debt or get
pre-approved for a mortgage. 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, it's easier for you to qualify for an FHA loan than a for a
conventional loan. Credit scores down to 500 are accepted if there are
compensating factors that offset the credit risk.
Call us 888.958.5382
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply now.
We look forward to working with you.
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.
What's the minimum credit score needed to buy a house or refinance in Florida?
Call 888.958.5382
FHA loans
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans
USDA loans require a minimum 580 credit score to buy a houseor refinance
HOMEPATH
HomePath loans require a minimum 620 credit score to buy a house
HARP refinance
HARP loans require no minimum credit score torefinance
Freddie Mac
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
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