A true story of a first time home buyer.
MORTGAGE-WORLD.com is your full service online mortgage broker specializing in FHA mortgage for home buyers in Florida and New Jersey.
MORTGAGE-WORLD.com has over 20 years experience originating FHA loans. The lowest credit score to buy a house with an FHA loan is 500.
FHA Mortgage Requirements 2025
FHA Mortgage Requirements 2025:
- 3.5% Down Payment 580 minimum score
- FHA mortgage insurance premium .85%
- Bankruptcy 2 year waiting period
- Foreclosure 3 year waiting period
- Short Sale 3 year waiting period
- First Time Home Buyer OK
- FHA 500 minimum score
FHA Mortgage Requirements 2025
FHA Story
“I never thought I could buy a house!” said Luis R. on closing day.
Luis was referred to us by a real estate agent. We pulled his credit and he had a 529 middle credit score. We analyzed his credit and explained to him exactly what he had to do to get his credit score above a 580 credit score. Remember FHA requires a minimum credit score of 580 for a down payment of 3.5%. If your credit score is below 580 FHA requires a 10% down payment.
FHA Mortgage Requirements 2025
Luis applied with www.Mortgage-World.com using our To Be Determined program while we started working on his credit. The TBD program gets you a loan approval before you find a house. The loan approval process takes about 72 hours from the you sign our mortgage application. Luis got his FHA loan approval with a 529 credit score and when he found the above property he made an offer with his mortgage loan approval. Not a pre-approval or a DU findings but an actual loan approval.
Next Step
Luis ordered his home inspection and appraisal and began working with us on getting the loan conditions cleared. Luis wanted to buy his first home and throughout the process whenever we asked Luis for a document or anything we needed him to do he always did it.
Minimum credit score needed to buy a house 2025
After working with Luis and updating his credit report it was time to get the results of his re-score. When we puled a new credit report his credit score had increased 59 points in 28 days.
Needless to say Luis and his family were happy to hear the good news and now more than ever Luis believed that YES he could buy his first house. I’m glad to report that we did close and Luis did buy the above house. Congratulation to Luis R. and his family.
FHA Mortgage Requirements 2025
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