First time home buyer programs 2016 Florida

First time home buyer programs 2016 Florida

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

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

Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed.

If you have credit scores below 580 new FHA changes require a 10% down payment. All funds can be the borrower's own funds or a gifts from a family member. Seller's concession is allowed up to 6% of the purchase price. 

FHA requires a minimum credit score of 500 to qualify for a home buyer loan.

• Minimum 580 credit score 3.5% down payment
• Below 580 credit score 10% down payment
  
• There are no trade line requirements
  
• Collection accounts do not have to be paid off
• Any disputed accounts must be resolved

Most lenders require a minimum credit score of 640. We don't!

Whether you're planing to buy your first home or want to get pre-approved for a mortgage. A perfect credit score is not needed for an FHA loan approval.

In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Credit scores down to 500 are accepted if there are compensating factors that offset the credit risk.

First time home buyer programs 2016 Florida

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.

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FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income

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