Realtor Referral

MORTGAGE-WORLD.com is your full-service online mortgage broker specializing in FHA loans for home buyers in New Jersey, Connecticut and Florida.

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. Below are stories from a realtor referral.

FHA LOANS

A true story of a first time home buyer.

Realtor Referral

FHA Loan Requirements:

3.5% Down Payment 580 minimum score
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

Can you buy a house with a 529 credit score?

“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. 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.

To Be Determined

Luis applied with www.Mortgage-World.com using the 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 time you sign our mortgage application.

Loan Approval

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 finding but an actual loan approval.

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 signature or a document, he always did it.

Minimum credit score needed to buy a house

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 and thank you to Carolina for the referral.