First time home buyer Florida 2017 minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require any credit score.
Borrowers with credit score above 580 require a 3.5% down payment. If you have credit score below 580 new FHA changes require a 10% down payment.
New guidelines borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.
Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.
First time home buyer Florida
FHA allows the seller to pay up to 6% of the purchase price for your closing costs. The seller concession must be added to the sales contract. If it's not in the sales contract, you are paying for your closing cost.
When you find a property you want to make an offer on you can write it in two ways as a dollar amount (seller will pay up to $6,000.00 for closing cost) or you can write it in a percentage amount (seller will pay up to 6% of the purchase price for closing cost).
What documentation will I need?
• Personal tax returns for the past 2 years with W2's
• 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)
First time home buyer Florida 2017
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Mortgage World Home Loans is
an online mortgage company specializing in FHA loans for first time
home buyers. To buy a home with 3.5% down payment and a minimum
credit score of 580 using an FHA loan apply online.
We look forward to working with you.
FHA Credit Score
Requires a minimum credit score of 500 to buy a home or refinance
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
FHA guidelines requires three year past from the date of sale of the property
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