Bank Statement Loans 2019
The FHA program was created as part of the National Housing Act on June 28, 1934. FHA was created to help stimulate
the housing market making loans more accessible and more affordable. The FHA program was created as a result of The Great Depression to help anyone including families, the elderly, people on disability and lower-income families be able to buy a home.
Credit score - FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.
Debt-to-income ratio - FHA requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower's debt-to-income ratio.
Bank Statement Loans 2019, Bank Statement Loans 2019
Mortgage Insurance - The Federal Housing Administration (FHA) announced the reduction of it's annual Mortgage Insurance Premium (MIP) rates.
FHA reduced the premium from 1.35% to .85% a reduction of .5%.
Combined with low interest rates and the reduction of MIP rates means that it is a great time to buy a home or refinance your mortgage.
Closing cost - FHA allows the seller to pay up to 6% of your closing cost.
If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."
If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.
By allowing the seller to pay for your closing cost you will decrease
the amount of money required to buy a home. Buying a
$100,000.00 property requires $3,500.00 down payment and if the seller
pays up to $6,000.00 for your closing cost you will only need around
$4,000.00 to buy a $100,000.00 in Florida.
Call us 888.958.5382
www.MORTGAGE-WORLD.com, LLC is a licensed residential mortgage broker in the state of Florida & New Jersey and will match you with the lender that will approve your FHA loan down to a 500 credit score.
We look forward to working with you.
Bank Statement Loans 2019
FHA loans require a minimum 500 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
Jul 26, 21 08:24 AM
FHA credit minimum FHA score is 500 to buy a house or refinance. New borrowers will now be required to have a minimum credit score of 580 to qualify for the 3.5% down payment program.
Jul 26, 21 08:08 AM
Get expert help with your credit for free. Boost your score with our Rapid Rescore and get approved for a home loan today. Minimum credit of 500 required.
Jul 22, 21 09:06 AM
FHA loan requirements minimum credit score of 580 to qualify for FHA's 3.5% down payment program. Below 580 credit score requires a minimum 10% down payment. FHA refinance minimum credit of 500 for a…
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