FHA Guidelines 2016 Down Payment

FHA guidelines. FHA has changed it's collection account guidelines. Going forward all collection accounts within the last two years must be paid off. All collection accounts totaling over $1,000.00 must be paid off. Collection accounts that total less than $1,000.00 and are over two years old may not have to be paid off.

New FHA Guidelines

FHA guidelines allows a borrower with a credit score of 580 to buy a home with only a 3.5% down payment. FHA guidelines allows a borrower with a minimum credit score of 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a minimum credit score of 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

2016 FHA guidelines requires a minimum credit score of 500 for all loans.

Home buyers with a credit score below 580 are required to make a 10% down payment. FHA guidelines allows a borrower with a credit score below 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a credit score below 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

Apply now.

Application

Please note that all fields followed by an asterisk must be filled in.

Property State*

County of subject property*

How did you hear about us*

	Internet
	Realtor
	Referral
	Other

If Realtor - Realtor's Name

Purchase or Refinance*

When do you want to close*

Describe your Credit*

Property type*

Occupancy*

Loan type*

Have you ever declared bankruptcy, when was it discharged*

Do you have any foreclosures*

Have you ever had a short sale*

Do you have any collection accounts, excludung medical*

Verifiable rental or mortgage history*

Property value*

Loan Amount*

Your first name*

Your middle initial

Your last name*

Please choose a suffix

Daytime/Work Phone*

Evening Phone*

Cell Phone*

What is your employment status *

What is your email address*

Current mailing address*

City*

State*

ZIP code*

How long have you lived at this address*

Date of birth*

Citizenship status*

Social Security #*

Marital status*

Are you requesting a loan with a spouse or Co-borrower*

If Co-borrower, Co-borrower first name

Co-borrower last name

Co-borrower current mailing address

City

State

Zip code

Co-borrower date of birth

Co-borrower Social Security #

What are your total monthly debt payments, excluding housing*

What is your monthly housing payment*

Annual Income*

stocks, bonds, mutual funds, 401K checking and savings*

How much do you have in stocks, bonds, mutual funds, 401K*

Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you

We look forward to working with you.

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

Call us 888.958.4228

FHA Guidelines 2016, FHA Guidelines 2016, FHA Florida Guidelines 2016, FHA Florida Guidelines 2016, FHA Florida Guidelines 2016,

Apply Now

Call us 888-958-5382

www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

We look forward to working with you.

Apply Now!

Call 800.516.9166

Email Us!

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)

Call Now, Our Staff is Available
888-958-4228

Apply Now!

Recent Articles

Low Credit Score Mortgage Florida
Apr 04, 24 09:41 AM
Low Credit Score Mortgage Florida Down to 500. Purchase or Refinance.
Read More
Credit Score Requirements for FHA 2024
Mar 18, 24 09:08 AM
Credit Score Requirements for FHA 2024. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500.
Read More
FHA Loan Requirements 2024 - FHA Loan Programs 2024
Mar 15, 24 01:12 PM
FHA loan requirements 2024. FHA loan guidelines for minimum credit score, minimum down payment and closing costs.
Read More

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

www.MORTGAGE-WORLD.com LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. Licensee will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. All loans arranged with third-party providers. Licensed by the Connecticut Department of Banking Connecticut Mortgage Correspondent Lender MCL-1630225 Licensed by the NJ Department of Banking and Insurance NJ Correspondent Residential Mortgage Lender License Licensed by the Florida Office of Financial Regulation Florida Mortgage Lender License MLD1987 NMLS ID 1630225 www.MORTGAGE-WORLD.com LLC 535 Bergen Blvd. Suite 2 Ridgefield NJ 07657 Call 888-958-5382