FHA allows you to purchase a home 3 years after short sale.
FHA guidelines 2016 minimum credit score is 500. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.
To buy a home after a short sale FHA requires 3 years past since the date of the short sale.
Borrowers with scores 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. 12 months of on time rental history payment will be required for scores below 640. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.
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. 12 months of on time rental history or on time mortgage payment history will be required. If you do not have verifiable payment history 3 months of reserves will be required. Reserves must be the borrower's own funds.
Most lenders require a minimum FICO score of 640 for a FHA loan.
We don't. FHA requires a minimum credit score of 500.
Whether you're planing to buy a home or need to get pre-approved for a mortgage. A perfect FICO score is not needed for an FHA loan approval.
In fact, even if you have had credit problems, such as a short sale or bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Scores down to 500 are accepted if there are compensating factors that offset the credit risk.
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?