2017 Mortgage Credit Score 

2017 Mortgage Credit Score

Fannie Mae credit score guidelines requires a minimum credit score of 620 for a purchase. Updated down payment rules requires a minimum 5% down payment.

There are two conventional refinance programs. New HARP guidelines does not require a minimum credit score to refinance. The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value.

Traditional Fannie Mae refinance require a minimum 620 credit score.

Fixed-rate mortgages are the most common mortgage because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan – whether it's a 15 year, 20 year or 30 year mortgage, allowing for predictability in your monthly housing costs.

What are the benefits of a fixed-rate mortgage

• Inflation protection - If interest rates increase, your mortgage and your mortgage payment won't be affected. This is especially helpful if you plan to own your home for 5 or more years.
• Long-term planning - You know what your monthly mortgage expense will be for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
• Low risk - You always know what your mortgage payment will be, regardless of the current interest rate. This is why fixed-rate mortgages are so popular with first-time buyers.

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

No matter what the economy looks like, mortgage rates change on a daily, even hourly, basis. Rate fluctuations can cost or save you thousands of dollars. With that in mind, the question when shopping for a loan is whether it's best to lock in a rate or float the loan. Either way, there's risk.

It's your choice the rate-lock option means a borrower fixes the price at the current mortgage rates, provided he or she finalizes the loan within a specified period. The upside is that you are protected against a potential mortgage rate increase. But if the rate goes down, you could end up paying more than necessary. The "float" option, by contrast, allows the borrower to adopt a wait-and-see approach. The risk remains, though: If rates do rise, you wind up losing money.

Not everyone can take advantage of the opportunity to refinance or qualify for a new home loan due to today’s tightened credit guidelines.

To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit score. In addition, the consumers need a reasonable debt-to-income ratio. Most lenders will qualify borrowers at a maximum of 50 percent of overall debt to household gross monthly income. Some borrowers with significant assets or income will be able to qualify even with slightly lower credit scores or higher debt.

Low mortgage rates result in lower monthly payments which can save you thousands of dollars off the life of the loan.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

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