1st Time Home Buyer Florida

1st Time Home Buyer Florida - FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 500.

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 a 6% seller concession is allowed. 

If you have credit scores below 580 new FHA changes require a 10% down payment. All funds can be the borrower's own funds or gifts are allowed. Up to a 6% seller concession is allowed.

FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.

• 203(b) FHA purchase program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  
• 203(k) FHA purchase program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding home ownership opportunities.
• HUD $100 down payment program for borrowers purchasing single-family HUD Real Estate Owned (REO). The program is limited to owner-occupant buyers who have not purchased a HUD REO property within the last 24 months.

FHA allows a home buyer to make a down payment of 3.50% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyers with credit scores below 580 must make a minimum 10.0% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost. 1st time home buyer Florida.

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1st Time Home Buyer Florida

We look forward to working with you.