Licensed in the State of Florida.


credit score mortgage 2014

credit score mortgage 2014

November 28, 2013


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.

Apply Now!

Call us 888.958.4228

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 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.

KEYWORDS: credit score mortgage 2014 Florida,



mortgage credit score


After the financial crisis of 2008 all the major banks raised their standards for approving a mortgage. Because the banks make the rules for loans they will approve they may require a minimum credit score of 640 for their loans. These guidelines are the bank's guidelines. What this means is that all the major banks including Wells Fargo, Bank of America, Chase, Citigroup, etc. make the rules for the loans they approve.

All the major banks Wells Fargo, Bank of America, Chase, Citigroup, etc. have minimum credit score requirements for a mortgage. When you apply for a mortgage at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it's the minimum credit score for a mortgage. It means that it is the bank's minimum credit score requirements.


Call Now, Our Staff is Available

888-958-4228

Apply Now!