FHA World - FHA Condo Loan
Condo Loans are similar to loans for individual houses. Down payment requirements, credit, income and assets are the same. FHA only requires that 50% or more of the units be owner occupied.
FHA World - FHA Requirements
Guidelines regarding the condo development must be met.
FHA World - FHA Credit Requirements
Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for 85% loan-to-value. These FICO requirements went into effect in the spring 2010. However, most individual lenders will still require credit scores higher than 640.
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. Scores down to 580 are accepted if there are compensating factors that offset the credit risk
We look forward to working with you.
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
Jun 01, 23 09:40 AM
May 31, 23 10:59 AM
Mar 02, 23 07:59 AM