Buying A House After A Short Sale 2016

Buying A House After A Short Sale 2016

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. FHA requires a minimum down payment of 3.5% of the purchase price. Offering programs to buy a home or refinance such as rate & term, cash-out and streamline refinance.

• FHA waiting period after short sale is three years
  
• If your mortgage payments were current prior to the short sale for 12 months there is no waiting period

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. You will need to document when the lender sold the property after they took possession of the property.

If your mortgage payments were current prior to the short sale for 12 months there is no waiting period.

FHA guidelines for short sale allows borrowers with a minimum credit score of 500 qualify for a FHA loan. After a short sale, above 580 credit score and three years past the sale date FHA allows only 3.5% down payment.

Credit Score

New FHA policy requires a minimum credit of 500 to buy a home. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.

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

Borrowers with scores above 580 require a 3.5% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed.

If you have FICO scores below 580 new FHA changes require a 10% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

Buying A House After A Short Sale 2016 Florida, Buying A House After A Short Sale 2016 Florida

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