FHA loan limits Collier county FL 2016
FHA loan limits Collier county FL 2016
The minimum credit score to buy a home in Florida with 3.50% down payment using an FHA loan is 580. Using your credit report a middle score of 580 is required from EQUIFAX, TRANS UNION and EXPERIAN.
Once we run your credit report if your middle credit score is 580 or above you should be eligible for an FHA loan. There are other factors that determine eligibility such as income, property type, assets, debts and credit history.
You do need a credit score to qualify for an FHA loan. FHA allows you to use three alternate trade lines such as rent, utility bills, car insurance and other forms of payments as a credit reference. FHA allows a home buyer with no credit score to qualify for 3.5% down payment.
Collier County has a high balance loan limit of $448,500.00 for a first time home buyer program purchase or mortgage refinance on a one-family.
FHA loan limits Collier county FL 2016
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What's the minimum credit score needed to buy a house or refinance
On January 20, 2010 FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
- Minimum credit score of 580 to qualify for FHA's 3.5% down payment program
- New borrowers with less than a 580 credit score will be required to put down at least 10%
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FHA refinance allows up to 97.75 loan-to-value with a 580 credit score
- Cash-out refinance FHA requires a minimum 550 credit score for 85% loan-to-value
- Minimum credit score for an FHA loan is 500
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