FHA Qualifications 2017

FHA Qualifications 2017


Qualified mortgage rule took effect on January 10, 2014. In response to this mortgage crisis of 2008 the Federal Reserve Board adopted a rule under the Truth in Lending Act which prohibits creditors from making “higher price mortgage loans” without assessing consumers’ ability to repay the loan. Under the qualified mortgage rule, a creditor is presumed to have complied with the ability to repay requirement if the creditor follows certain specified underwriting practices.

To buy a home you will need a minimum credit score of 500.

Borrowers with credit score above 580 require a 3.5% down payment. The funds can be the borrower's own funds or can be a gift from a family member. FHA allows the seller to pay up to 6% of the purchase price for your closing cost.

If you have credit scores below 580 new FHA changes require a 10% down payment. The funds can be the borrower's own funds or can be a gift from a family member. FHA allows the seller to pay up to 6% of the purchase price for your closing cost.

FHA qualifications 2017

To refinance your mortgage you need a minimum credit score of 500.

Borrowers with a credit score above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a credit score above 580.

If you have credit score below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with credit score below 580.

FHA minimum credit score is 500. Most FHA lenders require a minimum credit score of 640, we don't!

Whether you're planing to buy your first home, refinance, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a mortgage. A perfect credit score is not needed for an FHA loan approval.

In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Credit scores down to 500 are accepted if there are compensating factors that offset the credit risk.

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FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline


Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house  with 3.5% down payment and a minimum credit score of 580 using an FHA loan apply now.


We look forward to working with you.

Apply Now

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.

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FHA qualifications 2017 Florida

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How to qualify for FHA loan


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FHA

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500 

VA

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home

Freddie Mac minimum

credit score 620


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