FHA Purchase Guidelines 2017 FHA
FHA purchase guidelines 2017 FHA allows a borrower with a minimum credit score of 580 to put a 3.5% down payment. FHA purchase allows the down payment to be from the borrowers own funds or to come from a gift from a family member.
FHA first time home buyers with credit scores above 580 are allowed a seller's concession of up to 6%. These guidelines have not changed for 2017.
2017 FHA purchase guidelines requires a minimum credit score of 500.
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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
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
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)