FHA announced a policy change to address risk and strengthen finances. FHA has changed the minimum credit score for new borrowers:
In the old days, FHA did not have a minimum credit score requirement.
FHA requires a minimum down payment of 3.50% for borrowers with a minimum credit score of 580. FHA requires a minimum down-payment of 10.0% for borrowers with credit scores below 580.
FHA loans have been helping people become homeowners since 1934. The FHA insures the loan, so you can get a better deal.
* Low down-payments
* Low closing costs
* Easy credit qualifying
Closing cost - 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 short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.
Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida?
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What's the minimum credit score needed to buy a house or refinance in Florida?
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans require a minimum 580 credit score to buy a houseor refinance
HomePath loans require a minimum 620 credit score to buy a house
HARP loans require no minimum credit score torefinance
Freddie Mac loans require a minimum 620 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.
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