FHA loan requirements 2016

August 15, 2013 - FHA loan requirements 2016 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.

April 1, 2013 - FHA increased the annual MIP requirements.

• revision to the period for assessing the annual MIP
• removal of the exemption from the annual MIP for loans with terms of 15 years or less and LTVs of less than or equal to 78 percent at origination
• increase in the annual MIP for mortgages with terms less than or equal to 15 years and LTV ratios less than or equal to 78 percent at origination
• rescinds the automatic cancellation of the annual MIP collection

For any mortgage with an loan-to-value greater than 90% FHA will assess the annual mortgage insurance premium until the end of the mortgage (life-of-the-loan).

For all mortgages with less than or equal to 90% loan-to-value the annual mortgage insurance premium will be assessed for the first 11 years of the mortgage term.

On January 20, 2010 - 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.

• 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 requires a minimum credit score of 500.

FHA loan requirements 2016 there are no income limits like you may find with other first time home buyer programs. However, there are limits on how much you can borrow.

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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.

We look forward to working with you.