Minimum credit score FHA loan Florida

Minimum credit score FHA loan Florida

FHA announced a policy change to address risk and strengthen finances. New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require a minimum score.

• To buy a home you will need a minimum credit score of 530.
• 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 FICO scores 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

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 also 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.

Whether you're planing to buy your first home, refinance, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a mortgage. A perfect credit score is not needed for an FHA loan approval.

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.

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