Florida Bad Credit First Time Home Buyer

Florida Bad Credit

FHA 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 a minimum 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 scores above 580 require a 3.5% down payment 5.23% APR. The funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history history will be required for scores below 640. If you do not have verifiable payment history up to 6 months of reserves may be required. Reserves must be the borrower's own funds.

If you have credit scores below 580 new FHA changes require a 10% down payment 5.23% APR. The funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history will be required for scores below 640. If you do not have verifiable payment history up to 6 months of reserves may be required. Reserves must be the borrower's own funds.

First Time Home Buyer

Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum credit score to be 580 for 3.5% down payment. These credit score requirements went into effect in the spring 2010. However, most individual lenders and banks will require credit scores higher than 640, we don't.

In fact, even if you have had credit problems, such as a bankruptcy, foreclosure, short sale, repossession, 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.

This Form cannot be submitted until the missing fields (labelled below in red) have been filled in
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Please note that all fields followed by an asterisk must be filled in.
Property State*
County of subject property*
Purchase or Refinance*
When do you want to close*
Describe your Credit*
Do you have 12 months verifiable rental or mortgage history*
Have you ever declared bankruptcy, when was it discharged*
Do you have any foreclosures*
Have you ever had a short sale*
Are you requesting a loan with a spouse or co-borrower*
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*
Marital status*
Citizenship status*
Social Security #*
What are your total monthly debt payments, excluding housing*
What is your monthly housing payment*
Annual Income*
How much do you have in checking, savings, 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.

KEYWORDS:FLORIDA BAD CREDIT, FIRST TIME HOME BUYER FLORIDA BAD CREDIT,

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

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Minimum Credit Score to buy a house or refinance

* FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment

* FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA Credit Score

Requires a minimum credit score of 500 to buy a home or refinance

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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

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