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 house is 500. New requirements for both FHA and VA require a minimum credit score of 500.

Fannie Mae requires a minimum score of 620
Freddie Mac requires a minimum score of 620
FHA requires a minimum score of 500
VA requires a minimum score of 500
USDA requires a minimum score of 580
Portfolio requires a minimum score of 640

Fannie Mae and Freddie Mac require a minimum score of 620 to buy a house. New guidelines require a minimum of 5% down payment.

FHA allows borrowers with scores above 580 to make a 3.5% down payment and up to 6% seller concession to purchase a house.

If you have credit score 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.

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, gift funds and up to 4% seller concession for closing cost.

USDA loans requires a middle credit score of at least 500. 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.

FHA minimum down payment of 3.5%

VA loan no minimum down payment

Fannie Mae minimum down payment of 5%

USDA no minimum down payment

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When do you want to close*

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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*

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If Co-borrower, Co-borrower first name

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What are your total monthly debt payments, excluding housing*

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

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