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WHATS FHA MINIMUM CREDIT SCORE IN 2013?

WHATS FHA MINIMUM CREDIT SCORE IN 2012?

Under specific criteria there are Florida FHA lenders that will approve bad credit mortgage applicants with a minimum credit score of 530. FHA guidelines now require a 10% down payment down payment if your credit score is below a 580. And, 3.5% down payment required for borrowers above 580. In the past FHA did not require any credit score. However, under certain circumstances borrowers can buy a home with No credit score. These changes recently went in to effect in 2010.

Florida mortgage applicants with credit score above 580 require a 3.5% down payment.  FHA will allow loan down payment funds to be a gift from a family member and a 6% seller’s can credit the buyer back up to 6% of the sales price to cover closing cost. Often Florida mortgage lenders require loan applicants to provide proof of the 12 months of rental history with credit score below 620.

If you consider yourself a Bad credit Florida mortgage applicant and  have credit scores below 580 the new FHA changes now require Florida mortgage applicants to come up with 10% down payment. All funds must be the borrower’s own funds. Under this new FHA requirement no gifts are allowed and no seller’s concessions are allowed. And, If the FHA mortgage applicant has no verified rental history then the borrower is required to show 6 months reserves in their bank account at closing.

To FHA refinance your Florida mortgage you need a minimum credit score of 530.

Florida 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 refinance with a credit score above 580.

For current Florida homeowners that have a 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% FHA cash out refinance for Florida mortgage applicants with credit score below 580.

Most Florida mortgage banks you will apply at will require a minimum credit score of 640 for an FHA loan approval.

Whether you’re planning to buy your first Florida home, FHA mortgage refinance, lower your monthly payments, buy a second Florida home, consolidate debt or get pre-approved for an FHA mortgage. A perfect credit score is not needed to qualify for an FHA mortgage loan.

In fact, Florida mortgage applicants with past Foreclosures and bankruptcies amount other programs qualify for an FHA loan every day over conventional financing. Florida mortgage applicants with credit scores down to 530 are accepted if there are compensating factors in order to mitigate the credit risk.

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