FHA short sale waiting period 2016

FHA requires a minimum of three years from the date of sale. FHA guidelines requires three year past from the date of short sale of the property. Documentation of short sale date will be required.

August 15, 2016 borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

Borrowers may be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

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

FHA loan requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment or 97.75% LTV rate and term refinance
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10% or 90% LTV rate and term refinance
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well

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.

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

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