FHA qualifications 2016

FHA qualifications 2016


Qualified mortgage rule took effect on January 10, 2016. In response to this mortgage crisis of 2008 the Federal Reserve Board adopted a rule under the Truth in Lending Act which prohibits creditors from making “higher price mortgage loans” without assessing consumers’ ability to repay the loan. Under the qualified mortgage rule, a creditor is presumed to have complied with the ability to repay requirement if the creditor follows certain specified underwriting practices.

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 funds can be the borrower's own funds or can be a gift from a family member. FHA allows the seller to pay up to 6% of the purchase price for your closing cost.

If you have credit scores below 580 new FHA changes require a 10% down payment. The funds can be the borrower's own funds or can be a gift from a family member. FHA allows the seller to pay up to 6% of the purchase price for your closing cost.

FHA qualifications 2016

To refinance your mortgage you need a minimum credit score of 500.

Borrowers with a credit score above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a credit score above 580.

If you have credit score below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with credit score below 580.

FHA minimum credit score is 500. Most FHA lenders require a minimum credit score of 640, we don't!

Whether you're planing to buy your first home, refinance, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a 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. Credit scores down to 530 are accepted if there are compensating factors that offset the credit risk.

Apply Now!

Call us 888.958.5382


Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house  with 3.5% down payment and a minimum credit score of 580 using an FHA loan apply now.


We look forward to working with you.

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.


We look forward to working with you.

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What's the minimum credit score needed to buy a house or refinance in Florida?

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FHA loans

FHA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

VA loans

VA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score

USDA loans

USDA loans require a minimum 580 credit score to buy a houseor refinance

580 credit score

HOMEPATH

HomePath loans require a minimum 620 credit score to buy a house

620 credit score

HARP refinance

HARP loans require no minimum credit score torefinance

No minimum credit score

Freddie Mac

Freddie Mac loans require a minimum 620 credit score to buy a house or refinance

620 credit score

Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.

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888.958.5382

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Apply Now!

Call 800.516.9166

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