Buying House after Foreclosure 2017
A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible.
Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.
Seasoning requirements
FHA after foreclosure Extenuating circumstances
New FHA loan requirements 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.
Credit score
New FHA announced a policy change to address risk and strengthen finances. FHA has changed the minimum credit score for new borrowers:
Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.
One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.
To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit score. In addition, the consumers need a reasonable debt-to-income ratio. Most lenders will qualify borrowers at a maximum of 50 percent of overall debt to household gross monthly income. Some borrowers with significant assets or income will be able to qualify even with slightly lower credit scores or higher debt.
Low mortgage rates result in lower monthly payments which can save you thousands of dollars off the life of the loan.
Call us 888.958.5382
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
We look forward to working with you.
Buying house after foreclosure 2017, Buying House after Foreclosure 2017
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
What's the minimum credit score needed to buy a house or refinance in Florida?
Call 888.958.5382
FHA loans
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans
USDA loans require a minimum 580 credit score to buy a houseor refinance
HOMEPATH
HomePath loans require a minimum 620 credit score to buy a house
HARP refinance
HARP loans require no minimum credit score torefinance
Freddie Mac
Freddie Mac loans require a minimum 620 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.
Call Now, Our Staff is Available!
888.958.5382
Aug 05, 24 04:10 PM
Aug 05, 24 03:55 PM
Aug 05, 24 03:48 PM
Call Now, Our Staff is Available!
800.516.9166