FHA after short sale New Jersey 2014
FHA after short sale New Jersey 2014
February 5, 2014
FHA guidelines lets you qualify after three years from a short
sale. FHA guidelines requires three year past from the date of the short sale. If your mortgage payments were not late at the time of short sale you do not have to wait to qualify for an FHA loan.
FHA guidelines for short sale allows borrowers with a minimum credit score of 500 qualify for a FHA loan. After a short sale, above 580 credit score and three years past the sale date FHA allows only 3.5% down payment.
Extenuating circumstances
New FHA loan requirements 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.
Credit score
New FHA announced a policy change to address risk and strengthen finances. FHA has changed the minimum credit score for new borrowers:
- FHA requirements new borrowers will now be required to have a
minimum credit score of 580 to qualify for 3.5% down payment
- FHA loan requirements 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
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Minimum credit score needed
to buy a house 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
USDA
requires a minimum credit score of 580 to buy a home or refinance
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