FHA Credit Score 2016

FHA Credit Score 2016 - minimum credit score for an FHA loan is 500.

FHA Credit Score 2016 requirements allow a borrower with credit scores above 580 to make a down payment of only 3.5%. The down payment funds can be the borrower's own funds or can come from a gift or gift of equity. The borrower can finance up to 6% with a seller's concession.

First time home buyers with credit scores above 640 do not have to verify rental history. FHA allows borrowers to get gift funds for down payment and closing cost and or seller's concession with credit scores above 580.

If your credit score is below 580 no gifts funds are allowed. Down payment funds and closing cost must be from the borrower's own funds. No gift funds, no seller's concession and FHA requires a 10% down payment.

FHA requires a minimum credit score of 500. FHA does not have a minimum trade line requirement but most lenders require a total of 3 trade lines. The trade lines must have a 12 month payment history and may be alternative credit. Alternative credit trade lines can include light bill, cable bill, cell phone bill, car insurance, etc.

Borrowers with no credit scores are allowed.

Rental history of 12 months will be required for borrowers with a credit below 640. Acceptable forms of rental history are payments made to a management company and verified, 12 months cancelled rent checks with consistent and on time payments or 12 months bank statements showing consistent monthly payments.

If you can not verify rental history then up to 6 months reserves may be required.

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FHA Credit Score needed to buy
a house or refinance

FHA loan requirements 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 to buy a home or refinance


Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


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

What documentation will I need?

  • W2's or Personal tax returns for 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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