KEYWORDS:FHA Mortgage Guidelines Credit Score Florida, FHA Mortgage Guidelines Credit Score New Jersey,
2017 Florida FHA credit score requirements - 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.
Borrowers with credit score above 580 will require a minimum 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member. FHA mortgage allows the seller to pay up to 6% of your closing cost.
If your credit score is below 580 new FHA mortgage changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family. FHA mortgage allows the seller to pay up to 6% of your closing cost.
Collection Account -A collection is minor in nature usually does not need to be paid off as a condition for loan approval. It is stated as such in FHA mortgage guidelines. Any judgments will have to be paid in full prior to closing. Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible. Credit score buy house Florida.
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. Florida FHA credit score requirements.
Foreclosure - Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.
Short Sale - FHA guidelines lets you qualify for a loan after
three years from a short sale. FHA guidelines requires three year past
from the date of sale of the property. If at the time of short sale your
mortgage payments were not late for the previous 12 months there is no
waiting period. Florida FHA credit score requirements.
What documentation will I need?
• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Sales contract
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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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FHA Mortgage Minimum Credit Score Needed
To Buy a House
FHA
Requires a minimum credit score of 500 to buy a home or refinance
VA
Requires a minimum credit score of 500 to buy a home or refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a home or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a home or refinance
Call Now, Our Staff is Available
888-958-4228