KEYWORDS:FHA Refinance After Bankruptcy 2013 Florida, FHA Refinance After Bankruptcy 2013 New Jersey,
2017 FHA Refinance After Bankruptcy
FHA loans allows refinance after bankruptcy. In fact,
even if you have had credit problems, such as a bankruptcy, it's easier
for you to qualify for an FHA than a conventional loan.
Chapter 7 Bankruptcy
At least two years must have elapsed since the discharge date of the
borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA
guidelines. This is not to be confused with the bankruptcy filing date.
A full explanation will be required with the loan application. In order
to qualify for an FHA loan, the borrower must qualify financially, have
re-established good credit, and have a stable job.
Chapter 13 Bankruptcy
FHA will consider approving a borrower who is still paying on a
Chapter 13 Bankruptcy if those payments have been satisfactorily made
and verified for a period of one year. The court trustee's written
approval will also be needed in order to proceed with the loan. The
borrower will have to give a full explanation of the bankruptcy with the
loan application and must also have re-established good credit,
qualify financially and have good job stability.
Credit Score
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. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.
Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for 96.50% loan-to-value and anyone refinancing with a score lower than 580 will require 90% loan-to-value. These FICO requirements went into effect in the spring 2010. However, individual lenders will still require credit scores higher than 640.
What documentation will I need?
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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
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* 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
FHA 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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