First Time Home Buyer Florida 2016

First Time Home Buyer Florida 2016 - New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 500.

Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed.

If you have credit scores below 580 new FHA changes require a 10% down payment. All funds can be the borrower's own funds or a gifts from a family member. Seller's concession is allowed up to 6% of the purchase price. 

FHA requires a minimum credit score of 500 to qualify for a home buyer loan.

• Minimum 580 credit score 3.5% down payment
• Below 580 credit score 10% down payment
  
• There are no trade line requirements
  
• Collection accounts do not have to be paid off
• Any disputed accounts must be resolved

Most lenders require a minimum credit score of 640. We don't!

Whether you're planing to buy your first home or want to get pre-approved for a mortgage. A perfect credit score is not needed for an FHA loan approval.

In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Credit scores down to 500 are accepted if there are compensating factors that offset the credit risk.

First Time Home Buyer Florida 2016

Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house  with 3.5% down payment and a minimum credit score of 580 using an FHA loan.

FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income

Closing cost - FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida?

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First Time Home Buyer Florida 2016 First Time Home Buyer Florida 2016

We look forward to working with you.