FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require any credit score. These changes went in to effect in 2010.
Borrowers with credit score above 580 will require a minimum 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member. FHA mortgage allows the seller to pay up to 6% of your closing cost.
If your credit score is below 580 new FHA mortgage changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family. FHA mortgage allows the seller to pay up to 6% of your closing cost.
The lowest credit score to buy a
house or refinance your mortgage is 500.
Collection Account - FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.
Bankruptcy - At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. FHA mortgage credit score minimum 500.
Foreclosure - Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.
Short Sale - FHA guidelines lets you qualify for a loan after
three years from a short sale. FHA guidelines requires three year past
from the date of sale of the property. If at the time of short sale your
mortgage payments were not late for the previous 12 months there is no
waiting period.
HUD's mission is to support the nation’s housing market. FHA loan requirements 2017 get pre approved for an FHA loan online.
• HUD homes for sale $100 down payment
• First time home buyer
What documentation will I need?
• Personal tax returns for the past 2 years (with W2's)
• 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)
• Sales contract (if purchase)
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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.
Aug 05, 24 04:10 PM
Aug 05, 24 03:55 PM
Aug 05, 24 03:48 PM
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FHA mortgage minimum credit score needed to buy a house or refinance
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FHA LOANS
Requires a minimum credit score of 500 to buy a home or refinance
VA LOANS
Requires a minimum credit score of 500 to buy a home or refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a home or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a home or refinance
Call Now, Our Staff is Available
Call 888.958.5382