Credit score needed to buy a house 2016
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.
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.
Get pre-approved for an FHA loan online.
What documentation will I need?
• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Sales contract
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
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KEYWORDS: Credit score needed to buy a house 2016 Florida, Credit score needed to buy a house 2016 Florida
What's the minimum credit score needed to buy a house or refinance in Florida?
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans require a minimum 580 credit score to buy a houseor refinance
HomePath loans require a minimum 620 credit score to buy a house
HARP loans require no minimum credit score torefinance
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
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