Charge Off Accounts
Charge off accounts - A charged off account is a debt that has become seriously delinquent and the lender has given up on being paid. FHA does not require charge off accounts to be paid. If you have a charge off on your credit report you do not have to do anything to qualify for an FHA loan approval.
Collection accounts - A collection is minor in nature usually does not need to be paid off as a condition for loan approval. Medical collections do not need to be paid off.
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.
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.
Credit score - FHA has changed the minimum credit score for new borrowers:
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.
Whether you're planing to buy your first home, refinance, to lower your
monthly payments or refinance to take cash out.
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Oct 18, 21 08:37 AM
FHA cash out refinance allows you to refinance up to 80% of the value of the property with a minimum credit score of 500. Use the equity you have built up in your home to cash out with an FHA loan.
Oct 12, 21 08:29 AM
FHA construction to permanent loan. Do you want one loan to buy the land, build a new home with a construction loan and then have the loan convert to a permanent loan with only 3.5% down?
Oct 11, 21 08:00 AM
Refinance to take cash out, divorce, payoff debt or home improvements with a 500 minimum credit score. FHA refinance allows cash out amount up to 80% of the value of the property.