First Time Home Buyer Florida 2017


First Time Home Buyer Florida 2017 - 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 2017

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.

Apply Now!

Call us 888.958.5382

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


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


We look forward to working with you.

How to Qualify for FHA Down Payment Assistance?

Apply Now

Call us 800-516-9166


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.

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First Time Home Buyer Florida 2017


FHA requires a minimum credit score of 500 to buy a home or refinance

Apply Now!

Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval

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


Call Now, Our Staff is Available

888-958-5382

Apply Now!

Apply Now!

Call 800.516.9166

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