1. Florida FHA mortgage applicants applicants can qualify to purchase or refinance while in a chapter 13 bankruptcy under certain conditions. Check Florida FHA mortgage credit requirments. To refinance or purchase a Florida home while in a chapter 13 bankrupcty FHA mortgage applicants will need a minimum credit score of 530.
FHA mortgage applicants seeking to purchase a Florida home will need a minimum 580 to qualify for a 3.5% down payment. The downpayment funds can be a gift from a family member. In addition FHA will allow the home seller to credit the buyer up to 6% of the sales price to cover your closing cost. Most Florida FHA mortgage applicants with a credit score below a 620 will need to provide 12 months of rental history or reserves, 6 months of future payments in their account at closing.
BUY OR REFINANCE A FLORIDA HOME WHILE IN A CHAPTER 13
AFTER 12 MONTHS TIMELY PAYMENT HISTORY.
For FHA mortgage applicants with credit scores below 580, FHA now requires a 10% down payment. All the buyers downpayment, closing and reserves must be sourced from acceptable sources.
2. For the FHA chapter 13 bankruptcy exception. Florida FHA mortgage lenders will consider approving mortgage applicants who are currently paying on a Chapter 13 Bankruptcy if the borrower can verify timely payments for a full 12 months. Chapter 13 bankruptcy mortgage applicants must get the court trustee’s written approval. Furthermore, FHA applicants must provide full explanation about the chapter 13 bankruptcy; explain why chapter 13 will not happen again.
3. FHA bankruptcy minimum credit score rules. To FHA mortgage refinance your Florida mortgage you need a minimum credit score of 530.
FHA mortgage applicants with a credit score above 580 can FHA refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% FHA cash out mortgage refinance with a credit score above 580. If you have credit score below 580 under new FHA mortgage guidelines require a maximum loan-to-value of 90% for a rate and term FHA mortgage refinance. And up to 75% cash out FHA refinance with credit score below 580.
Most other Florida FHA mortgage lenders now require a minimum credit score of 640 in 2012. We still provide Bad Credit FHA mortgage approvals down o 530.
Whether you’re planning to purchase your first home, FHA refinance, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a mortgage. A perfect credit score is not needed for an FHA home loan approval.
In fact, even if you have had bad credit problems, such as a bankruptcy or foreclosures, it’s a lot easier for you to qualify for an FHA mortgage loan than a for a conventional loan. Credit scores down to 530 are accepted if there are compensating factors that offset the credit risk.