January 8, 2018
Credit Score Requirements 2018 - On January 20, 2010 FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers:
This has allowed the FHA to better balance its risk and continue to provide financing for home buyers.
April 1, 2013 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.
On January 9, 2015 the Federal Housing Administration (FHA) announced the reduction of it's annual Mortgage Insurance Premium (MIP) rates.
Effective on or after January 26, 2015 FHA will reduce 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.
Credit Score Requirements 2018
FHA after bankruptcy FHA after foreclosure FHA after short sale
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.
Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida? Apply now!
Call us 888.958.4228
Credit Score Requirements 2018
FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan
FHA loan requirements - FHA loan limits - FHA loans - FHA Streamline
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.
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
Credit Score Requirements 2018
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.
Aug 05, 24 04:10 PM
Aug 05, 24 03:55 PM
Aug 05, 24 03:48 PM
Call Now, Our Staff is Available!
888.958.4228