What credit score do you need to buy a house in 2017
Effective for all FHA programs. There are no documentation or letter of explanation requirements for loans with collection accounts or judgments run through Fannie Mae that receive an Approve/Eligible despite the presence of collection accounts or judgments.
An exception to the payoff of a court ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments.
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.
FHA increased the annual MIP requirements.
For any mortgage with an loan-to-value greater than 90% FHA will assess the annual mortgage insurance premium until the end of the mortgage (life-of-the-loan).
For all mortgages with less than or equal to 90% loan-to-value the annual mortgage insurance premium will be assessed for the first 11 years of the mortgage term.
What credit score do you need to buy a house in 2017
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan.
Call us 888.958.5382
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income
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We look forward to working with you.
We look forward to working with you.
What's the minimum credit score needed to buy a house or refinance in Florida?
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FHA loans
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans
USDA loans require a minimum 580 credit score to buy a houseor refinance
HOMEPATH
HomePath loans require a minimum 620 credit score to buy a house
HARP refinance
HARP loans require no minimum credit score torefinance
Freddie Mac
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
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