Buy a house or Refinance

FHA after bankruptcy   FHA after foreclosure   FHA after short sale

Judgments -  FHA does require them to be paid in full or meet the exception guidance for judgments, unless excluded by state law.

An exception to the payoff of a court-ordered judgment may be made if the borrower has an payment agreement with the creditor to make regular and timely payments for three months. 

A copy of the agreement must be provided along with evidence that payments were made on time in accordance with the agreement, and a minimum of three months payments have been made prior to credit approval.

Borrowers are not allowed to prepay scheduled payments in order to meet the required minimum of three monthly payments. 

The payment amount must be included in the calculation of the borrower’s debt-to-income ratio.

The FHA Resource Center

FHA has changed the minimum credit score for new borrowers:

  • FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  • FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
  • This has allowed the FHA to better balance its risk and continue to provide financing for home buyers

Debt-to-income ratio - April 1, 2013 FHA requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower's debt-to-income ratio.

  • FHA maximum debt to income ratio can be over 55%
  • Manual underwriting maximum debt to income ratio is 40/50%

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.

Whether you're planing to buy your first home, refinance to lower your monthly payments or refinance to take cash out.

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