FHA Loan Requirements 2024

FHA Loan Requirements 2024


FHA Home Loan Information: Buy a Home with an FHA Loan

FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a house. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

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 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.

FHA loan requirements 2024

New FHA collection account guidelines

FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

Prequalify for an 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. If at the time of short sale your mortgage payments were not late for the previous 12 months there is no waiting period.

Get pre-approved for an FHA loan online.


What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Sales contract
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)


FHA Loan Requirements 2024

Credit score needed to buy a house 2024 Florida, New Jersey and Connecticut.


Apply Now!

Call us 888.958.5382


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.


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FHA Requirements: Credit Guidelines - FHA-World.com


www.MORTGAGE-WORLD.com, LLC is an online mortgage company specializing in FHA loans for first time home buyers.


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FHA Loan Requirements 2020


FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:

  • New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
  • New borrowers with less than a 580 credit score will be required to put down at least 10%
  • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well

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