FHA Purchase Loans

FHA World - Mortgage World Home Loans, L.L.C.

FHA purchase loans. Buy a Home with an FHA loan. First-time home buyers and home buyers with less than perfect credit can take advantage of easier qualifying standards from FHA. To qualify for an FHA loan you must have a minimum credit score of 580 for 3.50% down payment. Credit scores below 580 will require a 10% down payment and tougher guidelines.

FHA World - Buying a Home

The following are just some of the reasons FHA loans are popular again:

Minimal Down Payment and Closing Costs

• Down payment less than 3.5% of Sales Price
• Gift for down payment and closing costs allowed.
• No reserves required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines

• Minimum FICO credit score of 580.
• FHA will allow a home purchase two years after a Bankruptcy.
• FHA will allow a home purchase  three years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines

• Higher Debt Ratio's than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

Serving the following Florida Counties.

FHA World - FHA Mortgage

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. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk. For most Americans, an FHA loan is the best way to finance the purchase of a new home.

Minimum Credit Score of 580

FHA World Florida - Florida Mortgage

Down Payment of 3.5% must have minimum credit score 600.

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. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.
 

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We look forward to working with you.