Credit score mortgage 2017

credit score mortgage 2017


The Dodd-Frank Wall Street Reform and Consumer Protection Act requires lenders to make a reasonable, good faith determination that a consumer has the ability to repay a mortgage loan before extending the consumer credit also known as The Ability-to-Repay Rule.

Qualified Mortgage is a residential mortgage loan that which the regular periodic payments for the loan does not increase the principal balance or allow the consumer to defer repayment of principal and has points and fees less than 3% of the loan amount.

  • FHA mortgage minimum credit score is 500
  • VA mortgage minimum credit score is 500
  • USDA mortgage minimum credit score is 580
  • Jumbo mortgage minimum credit score is 660
  • Fannie Mae mortgage minimum credit score is 620
  • Freddie Mac mortgage minimum credit score is 620

Debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage. They are used to determine if you have the capacity to repay your mortgage.

There are two calculations:

  1. The first or front end is your housing expense ratio. This is your proposed mortgage payment (principle, interest, taxes, mortgage insurance, and home owners insurance) divided by your gross monthly income.
  2. The second or back end is your total monthly obligations ratio. This is your gross monthly payment including mortgage PITI divided by your gross monthly income.

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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply now.


We look forward to working with you.

Apply Now

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.

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What's the minimum credit score needed to buy a house or refinance in Florida?

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FHA loans

FHA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

VA loans

VA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score

USDA loans

USDA loans require a minimum 580 credit score to buy a houseor refinance

580 credit score

HOMEPATH

HomePath loans require a minimum 620 credit score to buy a house

620 credit score

HARP refinance

HARP loans require no minimum credit score torefinance

No minimum credit score

Freddie Mac

Freddie Mac loans require a minimum 620 credit score to buy a house or refinance

620 credit score

Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.

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888.958.5382

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