Credit Score Needed to Buy a House 2016 in Florida

Credit Score Needed to Buy a House 2016 in Florida


FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a house. 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 down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.

FHA does not have a minimum trade line requirement.

FHA allows borrowers with no credit score to qualify for an FHA loan.

If your credit score is below 580 new FHA changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.


New FHA collection account guidelines


FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

Waiting period Bankruptcy, Foreclosure and Short Sale


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.

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.


Credit Score Needed to Buy a House 2016


Mortgage World Home Loans of New Jersey is a licensed residential mortgage broker in the state of Florida and will match you with the lender that will approve your Florida mortgages down to a 500 credit score.

Get pre-approved for an FHA loan online.


Apply Now!

Call us 888.958.5382

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.


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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.

We look forward to working with you.

We look forward to working with you.

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Credit score needed to buy a house in Florida.

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Minimum credit score needed to buy a house


FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:

  • New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
  • New borrowers with less than a 580 credit score will be required to put down at least 10%
  • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well

Debt-to-income ratio


FHA loan have a maximum debt to income ratio. When a borrower applies for an FHA loan you are required to disclose all debts, open lines of credit and all possible approved sources of documented income. Using this data the lender will calculate the borrower's debt-to-income ratio.

  • Most lenders will limit maximum debt-to-income to under 50%
  • FHA maximum debt to income ratio is 54.99%
  • Manual underwriting maximum debt to income ratio is 43%

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