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Florida FHA Mortgage Credit Approval

Florida FHA Mortgage Credit Requirements – Credit Guidelines That FHA Lenders Follow

FHA Loan Guidelines:
Before Florida mortgage applicats get approved for an FHA mortgage, the mortgage lender analyzes the payment history of the borrower’s past credit performance. Based on FHA minimum standards, Florida mortgage applicants who have a good credit history proven by a solid track record of timely payments history will likely be eligible for a Florida FHA mortgage. And, Florida mortgage applicants with a recent bad payment history documented by slow 30 day late payments, including judgments and delinquent accounts is not a good candidate for mortgage until they can prove a timly payment history.

The following is a list of items concerning the borrower’s credit:

Collections, Judgments, Reposessions and Federal Debts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval. It is stated as such in FHA guidelines. Any judgments will have to be paid in full prior to closing. Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible until they can provide proof of at least 6 month repayment plan.

No Credit History And No Credit Score

Borrowers can use 12 months canceld rent checks and 3 letters from direct service providers to qualify for a Florida FHA no credit score home loan.

Florida Mortgage After A Chapter 13 Bankruptcy

FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee’s written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

 

Florida Mortgage After A Chapter 7 Bankruptcy

At least two years must have elapsed since the discharge date of the borrower and / or spouse’s Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.

 

Florida Mortgage With Late Payments

During an underwriter analysis of borrower credit, the overall pattern of credit behavior is being reviewed rather than isolated cases of slow payments. If a good payment pattern has been maintained, regardless of a specific period of financial difficulty preceded it, the borrower may escape disqualification.

 

Florida Mortgage After A Foreclosure

Florida FHA insured mortgages are generally not available to Florida morgage applicants  whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower’s main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a Florida home when transferring from one area to another.

 

 

FHA Mortgage Lenders By State: 
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