FHA Credit Score 2016
FHA Credit Score 2016 requirements for purchase or refinance.
FHA has changed it's minimum credit score requirements. All FHA loans must have a minimum credit score of 500. In the past FHA did not have any minimum credit score requirements. These changes went into effect the the summer of 2010.
Almost all major banks (Chase, Wells Fargo, Bank of America, etc.) require a minimum credit score of 640. Most FHA lenders require a minimum credit score of 620.
Our minimum credit score for a FHA loan is 500.
Borrowers with credit score above 580 are eligible for a traditional FHA loan. Home buyers will need to put down a 3.5% down payment. Down payment funds can be the borrower's own funds or a gift from a family member or a
gift of equity.
Borrowers with credit score below 580 are required to make a down payment of 10%. The down payment funds must be the borrower's own funds.
A total of 3 trade lines are required for all loans. These trades lines must have a 12 month payment history and may be alternative credit. Alternative trade lines provided to show 12 month payment history.
Borrowers with no credit scores are eligible for a FHA loan.
FHA minimum credit score to refinance your mortgage is 500.
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KEYWORDS:FHA Credit Score 2016, FHA Credit Score Florida 2016, FHA Credit Score Florida 2016, FHA Credit Score Florida 2016,
Understanding the Role of a Mortgage Broker for the Best Mortgage Rates in New Jersey
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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)
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