2024 FHA Guidelines
2024 FHA guidelines requires a minimum credit score of 500 to buy a home or to refinance your existing mortgage. These new guidelines went in to effect in the summer of 2010.
To qualify for a 3.5% down payment FHA requires a minimum 580 credit score. With a 580 credit score the down payment can be the borrowers own funds or can come from a gift from a family member. Credit scores from 500 to 639 will require 12 months proof of rent history.
FHA guidelines allows a home buyer to finance up to 6% for seller's concession. The seller's concession must be written into the sales contract.
Home buyers with credit scores below 580 are required to make a down payment of 10%. The down payment funds must be the borrower's own funds. No gifts are allowed. Closing costs must be from the borrower's own funds. No seller's concessions are allowed.
To refinance you will need a minimum credit score of 500.
Borrowers with credit scores above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with credit scores above 580.
If you have credit scores below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with credit scores below 580.
Most lenders require a minimum credit score of 640 for a 2024 FHA loan.
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.
In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Credit scores down to 500 are accepted if there are compensating factors that offset the credit risk.
Apply now.
Call us 888.958.5382
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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.
We look forward to working with you.
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
2024 FHA Guidelines, 2024 FHA Guidelines, 2024 Florida FHA Guidelines, 2024 Florida FHA Guidelines, 2024 Florida FHA Guidelines
FHA Credit Score needed to buy
a house or refinance
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
Bankruptcy
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure
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
Short Sale
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
- W2's or Personal tax returns for 2 years
- Current pay stubs for the past month
- Bank statements for last 2 months (all pages)
- Clear copy of Driver’s License (front and back)
- Clear copy of SS card (front and back)
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888-958-4228
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