Credit score needed to buy a house


FHA World - Credit score needed to buy a house.

Borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

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%

FHA World - FHA minimum credit score

FHA allows a borrower with a credit score of 580 to buy a home with only a 3.5% down payment. FHA guidelines allows a borrower with a minimum credit score of 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a minimum credit score of 500 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

Home buyers with a credit score below 580 are required to make a 10% down payment. The down payment funds can belong to the borrower or can be a gift from a family member.

Apply now!

Call us 888.958.4228


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.

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.


We look forward to working with you.

LOGO

Credit score needed to buy a house Florida

Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Mobile Home FHA

    Sep 27, 23 11:46 AM

    Mobile Home 2
    Mobile home FHA minimum credit score

    Read More

  2. First Time Homebuyer New Jersey

    Sep 27, 23 11:45 AM

    First time homebuyer New Jersey 2023. FHA minimum credit score is 500... minimum down payment... maximum loan amounts... loan-to-value (LTV) requirements... debt-to-income ratios... housing expense ra…

    Read More

  3. FHA Credit Score Requirements

    Sep 27, 23 11:44 AM

    blog.png
    FHA credit score requirements. FHA policy 3.5% down payment with above 580 credit score. Below 580 10% down payment. FHA refinance requires a minimum 500 credit score for a cash out or rate and term…

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

Minimum Credit Score Needed

to Buy a Home or Refinance


FHA

Requires a minimum credit score of 500 to buy a home or refinance

Apply Now!

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 

  • Government loan: Seasoning is determined by the date the claim was paid
  • Loans other than Government: Seasoning is determined by the date of sale the lender sold the property

Short Sale

FHA guidelines requires three year past from the date of sale of the property


Call Now, Our Staff is Available

888-958-4228

Apply Now!