FHA loan credit score

FHA credit score are less stringent than conventional mortgage credit score. FHA will still look at credit, income, assets and ability to repay the mortgage loan.

FHA doesn't require you to have a traditional credit history in order to consider your reliability.

They will also consider whether you've had a bankruptcy in the last two years. You should have a good history of on-time payments in the last two years and be current on all payments. If you're in default on any student loans, you will not qualify for an FHA loan.

Credit score

Borrowers with a credit score above 500 are eligible for an FHA loan.

New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
New borrowers with less than a 580 credit score will be required to put down at least 10%

Borrowers with a score 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 a credit score above 580.

If you have credit score 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.

FHA income

Regardless of the FHA loan limit for your area, the amount of loan you qualify for depends on your income and ability to pay. Under FHA standards, you should spend no more than 31% of your monthly income on your mortgage, property tax, and insurance. In addition, you should spend no more than 54.99% (DTI) of your income on total debt payments, including student loans, car loans, and credit card debt.

FHA down payment

FHA down payment requires a minimum 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.

If you will be using your own funds for the down payment you will have to provide two recent months bank statements showing the funds in your account.

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.

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

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

FHA minimum down payment of 3.5%

VA loan no minimum down payment

Fannie Mae minimum down payment of 5%

USDA no minimum down payment

Application

Please note that all fields followed by an asterisk must be filled in.

Property State*

County of subject property*

How did you hear about us*

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If Realtor - Realtor's Name

Purchase or Refinance*

When do you want to close*

Describe your Credit*

Property type*

Occupancy*

Loan type*

Have you ever declared bankruptcy, when was it discharged*

Do you have any foreclosures*

Have you ever had a short sale*

Do you have any collection accounts, excludung medical*

Verifiable rental or mortgage history*

Property value*

Loan Amount*

Your first name*

Your middle initial

Your last name*

Please choose a suffix

Daytime/Work Phone*

Evening Phone*

Cell Phone*

What is your employment status *

What is your email address*

Current mailing address*

City*

State*

ZIP code*

How long have you lived at this address*

Date of birth*

Citizenship status*

Social Security #*

Marital status*

Are you requesting a loan with a spouse or Co-borrower*

If Co-borrower, Co-borrower first name

Co-borrower last name

Co-borrower current mailing address

City

State

Zip code

Co-borrower date of birth

Co-borrower Social Security #

What are your total monthly debt payments, excluding housing*

What is your monthly housing payment*

Annual Income*

stocks, bonds, mutual funds, 401K checking and savings*

How much do you have in stocks, bonds, mutual funds, 401K*

Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you

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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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New FHA requirements

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Borrowers may 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, short sale, foreclosure, deed-in-lieu was the result of a documented extenuating circumstance.

New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
New borrowers with less than a 580 credit score will be required to put down at least 10%

Call Now, Our Staff is Available

888-958-4228

Apply Now!

www.MORTGAGE-WORLD.com LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. Licensee will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. All loans arranged with third-party providers. Licensed by the Connecticut Department of Banking Connecticut Mortgage Correspondent Lender MCL-1630225 Licensed by the NJ Department of Banking and Insurance NJ Correspondent Residential Mortgage Lender License Licensed by the Florida Office of Financial Regulation Florida Mortgage Lender License MLD1987 NMLS ID 1630225 www.MORTGAGE-WORLD.com LLC 535 Bergen Blvd. Suite 2 Ridgefield NJ 07657 Call 888-958-5382