KEYWORDS:Florida FHA Mortgage 2013,
Florida FHA mortgage 2017. The Federal Housing Administration insures FHA loans and did not used to require a minimum credit score. The new FHA policy changes requires a minimum credit score of 580 for 3.5% down payment and anyone purchasing a home with a score lower than 580 will require 10% down payment. Florida FHA loan 2017 refinance minimum credit of 580 for a 97.5% rate and term refinance and 85% cash out refinance. Below 580 down to 500 credit score are allowed with a lower loan-to-value.
FHA announced a set of policy changes
to strengthen the FHA. The changes announced are the latest in a series
of changes enacted in order to better position the FHA to manage its
risk while continuing to support the nation’s housing market recovery. Florida FHA mortgage 2017.
The FHA has taken the following step:
No Credit History
Three lines of credit are necessary to apply for an FHA
loan. However, in the event a borrower does not have sufficient credit
on their credit report the FHA will allow substitute forms. FHA allows
minimum trade lines if you have credit scores.
Late Payments
During
an underwriter analysis of borrower credit, the overall pattern of
credit behavior is being reviewed rather than isolated cases of slow
payments. If a good payment pattern has been maintained, regardless of a
specific period of financial difficulty preceded it, the borrower may
escape disqualification.
Collection, Judgments, Federal Debts
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
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.
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.
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Minimum Credit Score Needed
to Buy a Home or Refinance
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
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888-958-4228