First Time Home Buyer Florida

First time home buyer Florida

First time home buyer Florida

FHA allows a home buyer to make a down payment of 3.5% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyer with credit score below 580 must make a minimum 10% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost is allowed.

FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed. FHA regulates some of the closing costs associated with a FHA loan.

First Time Home Buyer Programs Florida

FHA announced a new policy to address risk.

FHA has changed the minimum credit score for new borrowers:

• 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%
• This has allowed the FHA to better balance its risk and continue to provide financing for home buyers

New 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.

New FHA does 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.

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