Tax Refund Home Purchase 2017

Tax Refund Home Purchase 2017


FHA allows a home buyer to make a down payment of 3.5% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyer with credit score below 580 must make a minimum 10% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost is allowed.

FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed. FHA regulates some of the closing costs associated with a FHA loan.

Tax Refund Home Purchase 2017

FHA announced a new policy to address risk.

FHA has changed the minimum credit score for new borrowers:

  • FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  • FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
  • This has allowed the FHA to better balance its risk and continue to provide financing for home buyers
  • First Time Home Buyer Programs 2017

New 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.

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.

New 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.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

HUD homes for sale $100 down payment.


Tax Refund Home Purchase 2017

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FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline


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 recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


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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.

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 What's the minimum score needed to buy a house


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FHA loans

FHA requires a minimum 500 credit score to buy a house or refinance

500 credit score


VA loans

VA requires a minimum 500 credit score to buy a house or refinance

500 credit score


USDA loans

USDA requires a minimum 580 credit score to buy a house or refinance

580 credit score


Fannie Mae

Fannie Mae requires a minimum 620 credit score to buy a house 

620 credit score


Freddie Mac

Freddie Mac requires a minimum 620 credit score to buy a house

620 credit score


HOMEPATH

HOMEPATH requires a minimum 620 credit score to buy a house

620 credit score


Call Now, Our Staff is Available!

888.958.5382


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