What credit score do you need to buy a house 2018

What credit score do you need to buy a house 2018


What is a good score?

The lowest credit score to buy a house or refinance your mortgage is 500. These new requirements for both FHA and VA went into effect in 2010.

  • 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
  • What credit score do you need to buy a house 2018

Fannie Mae requires a minimum credit score of 620 to refinance or buy a home.

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

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.

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're score is 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, gift funds and up to 4% seller concession for closing cost.

USDA loans requires a middle credit score of at least 580. 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.


What credit score do you need to buy a house 2018

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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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