FHA minimum credit score to buy a house in Florida

FHA minimum credit score to buy a house in Florida


FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

Fannie Mae minimum credit score of 620

USDA requires a minimum credit score of 580


Mortgage rates

To buy a house FHA minimum credit score is 500.

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

FHA minimum credit score to buy a house in Florida

You will need a minimum credit score of 500 to buy a home.

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

New FHA loan requirements 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.

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.

Apply online or call us 888.958.5382.


Apply Now!

Call us 888.958.5382

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

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


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

Understanding the Role of a Mortgage Broker for the Best Mortgage Rates in New Jersey

We look forward to working with you.

Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Best Mortgage Rates in New Jersey.

    Jun 01, 23 09:40 AM

    best mortgage rates
    Best Mortgage Rates in New Jersey. See if you qualify for the lowest mortgage rates available!

    Read More

  2. No Income Verification Mortgage Florida. No Income Documents Required.

    May 31, 23 10:59 AM

    Home no income 2
    A no income verification mortgage, is a type of home loan that allows borrowers to secure financing without providing traditional proof of income, such as pay stubs, W-2 forms, or tax returns.

    Read More

  3. FHA Minimum Credit Score Requirements in 2023: What You Need to Know

    Mar 02, 23 07:59 AM

    fha-minimum-credit-score-2023
    What you need to know about FHA minimum credit scores in 2023, including the minimum credit score requirements, why credit score is important, and how to improve your credit score to qualify for an FH…

    Read More


Minimum credit score to buy a house in Florida


Apply Now!

or

Call us 888.958.5382


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's3.5% down payment program
  • New borrowers with less than a 580 credit score will be required to put down at least 10%

Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval


Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure

Foreclosure must have been resolved for at least 3 years


Short Sale

FHA guidelines requires three year past from the date of sale of the property


Call Now, Our Staff is Available

888.958.5382


Apply Now!