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Florida FHA loan

Florida FHA loan 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.

  • 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

Back to work program - 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.

Seller contribution - 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).

Collection accounts - FHA loans do not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

Florida FHA loan

Florida FHA loan 

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FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline

Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers in Florida.

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.

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Florida FHA loan

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FHA Credit Score

FHA loans require 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


Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


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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