FHA Short Sale Florida

FHA short sale Florida - 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. You will need to document when the lender sold the property after they took possession of the property.

FHA guidelines for short sale allows borrowers with a minimum credit score of 500 qualify for a FHA loan. After a short sale, above 580 credit score and three years past the sale date FHA allows only 3.5% down payment.

New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require a minimum 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 funds can be a gift from a family member and up to 6% seller concession is allowed.

If you have credit score below 580 new FHA changes require a 10% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed.

Collection Account  -A collection is minor in nature usually does not need to be paid off as a condition for loan approval. Any judgments will have to be paid in full prior to closing. If payment arrangements have been made you may not have to pay them off. Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., may be eligible if payment arrangements have been made.

Bankruptcy - At least two years must have elapsed since the date discharge date. FHA mortgage credit score minimum is 500.

Foreclosure - Foreclosure must have been resolved for at least 3 years. Government loan seasoning is determined by the date the claim was paid. Loans other than Government seasoning is determined by the date of sale the lender sold the property.

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.

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