FHA Guidelines After Short Sale 2017 FHA

FHA Guidelines After Short Sale 2017 FHA

FHA guidelines after short sale 2017 FHA lets you qualify after three years from a short sale. FHA guidelines requires three year past from the date of sale.

FHA guidelines for short sale allows a borrowers with a minimum credit score of 500 qualify for a FHA loan. After a short sale, above 580 credit score and three years past the sale date FHA allows only 3.5% down payment.

Credit Score

  • New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.
  • To buy a home or refinance you will need a minimum FICO score of 500.
  • Borrowers with credit score above 580 require a 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.
  • FHA does not have a minimum trade line requirement.
  • FHA allows borrowers with no credit score to qualify for an FHA loan.

If your credit score is below 580 new FHA changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.

New FHA Collection Account Guidelines

  • FHA changed it's collection account guidelines. Going forward all collection accounts within the last two years must be paid off. All collection accounts totaling over $1,000.00 must be paid off. Collection accounts that total less than $1,000.00 and are over two years old may not have to be paid off.
  • If you have collection accounts that are not paid off - FHA allows you to set up a payment arrangement to qualify. By setting up a payment arrangement FHA will allow you to make three on time monthly payments to qualify for a FHA loan.

Bankruptcy Foreclosure and Short Sale

  • Bankruptcy - At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines.
  • Foreclosure - Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.

Short Sale - FHA guidelines lets you qualify for a loan after three years from a short sale. FHA guidelines requires three year past from the date of sale of the property.

What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Latest retirement statement for each active account (all pages)
  • Sales contract
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)
  • Addresses and loan information of other real estate owned (if any)

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Minimum Credit Score Needed

to Buy a Home or Refinance

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FHA

Requires a minimum credit score of 500 to buy a home or refinance

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home or refinance

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620

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