FHA World - FHA CREDIT
FHA Credit - FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA has taken the following step:
FHA World -FHA CREDIT REQUIREMENTS
FHA credit requirements have changed. For purchase and refinance you will need a minimum of 580 credit score for 3.50% down payment or 97.0% rate and term refinance. If your credit score is below 600 then a 10.0% down payment is required for a purchase and a maximum of 90% LTV for a rate and term refinance.
Most lenders require a 640 credit score. There are fewer lenders that will allow 620 credit score and fewer that allow credit score down to 580.
FHA World - CREDIT SCORE
The Federal Housing Administration insures FHA loans and did not used to require a minimum FICO score. The new FHA Policy changes requires a minimum FICO score of 580 for 3.5% down payment
and anyone purchasing with a score lower than 580 will require 10% down payment. These changes went into effect in the summer of 2010.
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FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
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
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
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