Credit Score Buy House

Credit Score Buy House

Credit Score Buy House

The Federal Reserve unveiled its third round of stimulus in September 2012. The massive bond-buying initiative, Quantitative Easing III aims to prop up the economy through a few key channels namely the housing market and the stock market.

Mortgage rates hit new lows. Today's mortgage interest rate is 3.25% for 30 years fixed rate. Mortgage rates are the lowest in over 50 years according to Freddie Mac.

There are 6 different types of programs that you may qualify for. Each program has a different requirement:

  • Fannie Mae
  • Freddie Mac
  • FHA
  • VA
  • USDA
  • Portfolio

Each program has different requirements for down payment, credit score, property type and loan-to-value.

Fannie Mae requires a minimum credit score of 620 to buy a home or refinance. Their mission is to help ensure that home buyers and home owners have access to mortgages. Offering programs such as HARP, HomePath, Conforming and Conforming High Balance.

Freddie Mac requires a minimum credit score of 620 to buy a home or refinance. Their mission is to help ensure that home buyers and home owners have access to mortgages. Offering programs such as HARP, HomeSteps, Conforming and Conforming High Balance.

FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow. FHA requires a minimum down payment of 3.5% of the purchase price with a minimum 580 credit score. Offering programs to buy a home or refinance such as rate & term, cash-out and streamline refinance.

VA requires a minimum credit score 500. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.

USDA requires a minimum credit score 580. The Office of Rural Development (RD) is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America by offering 100% financing.

Portfolio loans require a minimum credit score 640. A portfolio loan is a loan that is made by a lender that does NOT sell the loan to the Fannie Mae and Freddie Mac. Because they don’t sell the loan off to Freddie or Fannie, they don’t have to follow any of the requirements that Fannie and Freddie have. Examples of portfolio loans are jumbo loans, stated income loans, loans for foreign nationals and loans for investment properties.

The most popular type of mortgage 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. Credit score buy house. Credit score buy house.

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FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline


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


We look forward to working with you.

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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