What Credit Score Is Needed To Buy a House Minimum Credit Score Needed Buy House

What Credit Score Is Needed To Buy a House

What Credit Score Is Needed To Buy a House

What Credit Score Is Needed To Buy a House

The lowest credit score to buy a home or refinance is 500. New requirements for both FHA and VA require a minimum FICO score of 500.

FHA requires a minimum score of 500
VA requires a minimum score of 500
Fannie Mae requires a minimum score of 620
Freddie Mac requires a minimum score of 620
USDA requires a minimum score of 620
Portfolio requires a minimum score of 640

FHA allows borrowers with scores above 580 to make a 3.5% down payment and up to 6% seller concession to purchase a home. Reserves may be required for borrowers with scores below 640.

If you have FICO scores below 580 new FHA changes require a 10% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed. Reserves may be required for borrowers with scores below 600.

Borrowers with a score above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a FICO score above 580.

If you have score below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with FICO score below 580.

VA allows veterans to buy a home with no money down with a minimum score of 500. VA guidelines allows a veteran buy a home using their own funds an/or gift funds and up to 4% seller concession for closing cost.

Fannie Mae and Freddie Mac may require a minimum score of 620 but it becomes cost prohibitive for borrowers with scores below 660 for higher loan-to-value loans. Borrowers with higher scores are more likely to qualify for a conforming loan with a higher loan-to-value.

HARP allows you take advantage of current market rates even if you are underwater with a minimum score of 620. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.

USDA loans requires a middle credit score of at least 620. The home to be purchased must be located in an eligible rural area as defined by the USDA. Income eligibility for the USDA Rural Development home loan program are derived from calculating 115% of the counties median income.

Portfolio loans are loans that do not conform to Fannie Mae or Freddie Mac Guidelines. Jumbo loans are portfolio loans and require 15% down payment up to 1 million dollar with no mortgage insurance and 20% down payment up to 1.5 million.

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Property State*

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Purchase or Refinance*

When do you want to close*

Describe your Credit*

Property type*

Occupancy*

Loan type*

Have you ever declared bankruptcy, when was it discharged*

Do you have any foreclosures*

Have you ever had a short sale*

Do you have any collection accounts, excludung medical*

Verifiable rental or mortgage history*

Property value*

Loan Amount*

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Are you requesting a loan with a spouse or Co-borrower*

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Co-borrower last name

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What are your total monthly debt payments, excluding housing*

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stocks, bonds, mutual funds, 401K checking and savings*

How much do you have in stocks, bonds, mutual funds, 401K*

Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you

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Call us 888-958-5382

www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

We look forward to working with you.

What Credit Score Is Needed To Buy a House, Credit Score Needed To Buy a House in Florida,

* FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment

* FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA Credit Score

Requires a minimum credit score of 500 to buy a home or refinance

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Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval

Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date

Foreclosure

Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property

Short Sale

FHA guidelines requires three year past from the date of sale of the property

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