Helping Military and Civilian families realize the dream of homeownership since 1990

Laura Borja- Home Loan expert- NMLS 199107

FHA loans have very flexible underwriting however, there are some basic guidelines credit requirements that are almost universally required by the  majority of lenders.*

Credit Score Requirements

 

The minimum credit score depends on your down payment.

3.5% down = 580+

10% down= 530+

 

It is also possible to qualify for loan if you do not have a credit score due to lack of credit history. Loans without credit scores require that alternative credit be presented i.e. utility payments, phone, rent, etc.

Bankruptcy Guidelines

 

Chapter 7 Bankruptcy

Generally the requirement is 2 years from discharge date.

It is possible to qualify for a mortgage in less than 2 years if the bankruptcy was filed due to extenuating circumstances (those outside of your control such as unemployment or medical bills not covered by insurance) AND you have rebuilt your credit.  Divorce is NOT considered to be an extenuating circumstance

 

Chapter 13 Bankruptcy

If the bankruptcy has been completed and discharged, there is no waiting period.

If the bankruptcy has NOT been discharged, you must show that you have made at least 12 consecutive on time payments. You will also need to obtain the approval from the court to enter into new debt.

Foreclosure Guidelines

 

There is a 3 year waiting period after the foreclosure is completed.

Short Sale Guidelines

 

The standard waiting period is 3 years from the date that ownership is transfered.

 

Exception: The waiting period may be waived there were NO late payments (30 days or more) on any installment loans (mortgage, auto, student loan etc) during the 12 months preceding the short sale.

*This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.

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Laura Borja  | Senior Loan Officer | NMLS#199107

Cell: (619) 992-4061 | Branch Main: (858) 264-1547

laura.borja@supremelending.com

1615 Murray Canyon Rd ste 1020 San Diego CA 92108

This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only. For New York applicants, please visit our New York authorized website: www.supremelending.com

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Laura Borja- Home Loan expert- NMLS 199107
Laura Borja- Home Loan expert- NMLS 199107
Laura Borja- Home Loan expert- NMLS 199107