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FLORIDA SHORT SALE FHA MORTGAGE GUIDELINES

FLORIDA SHORT SALE FHA MORTGAGE GUIDELINES
1. FHA guidelines allow past short sale Florida mortgage applicants to qualify for an FHA mortgage (3) three years after a short sale (if you were behind on the payments at the time of the short sale).

2. If you were current on your Florida mortgage payments at the time of the short sale you will qualify for an FHA mortgage Today!

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FHA guidelines for short sale allow Florida mortgage applicants to purchase a home with a minimum credit score of 530 with 10% down payment., For short sale Florida mortgage applicants above 580 credit score FHA allows only 3.5% down payment.
FHA MINIMUM CREDIT SCORE= 530
Under FHA New policy requirements Florida mortgage applicants need a minimum credit of 530 to buy a home or refinance. In the past FHA did not require a minimum score. These changes went in to effect in 2010.
Florida mortgage applicants with scores above 580 require a 3.5% down payment. The down payment funds can be a gift from a family member and up to 6% seller concession to cover closing cost is allowed. Florida mortgage applicants with lower credit score below 620 are usually required to provide 12 months of on time rental history. If you do not have verifiable payment history 3 to 6 months of reserves will be required. Reserves must be the borrower’s own funds.
For Florida FHA mortgage applicants with credit scores below 580 new FHA changes require a 10% down payment. The FHA down payment funds can be a gift from a family member and up to 6% seller concession is allowed. 12 months of on time rental history or on time mortgage payment history will be required. If you do not have verifiable payment history 3 to 6 months of reserves will be required. Reserves must be the borrower’s own funds.

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