Fannie Mae loan requirements

Are you interested in buying a home or a refinance using Fannie Mae?


Do I qualify for a conventional home loan?

Conventional loans require a minimum credit score of 620 to buy a home. A borrower must have a minimum of 3% down payment to be eligible for a conventional loan. Conventional loans are easier to obtain with a credit score of at least 640 or 660.

  • My Community program requires a minimum down payment of 3%. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income for the subject property’s location.
  • Home Possible® program requires a minimum down payment of 3%. First Time Home Buyers must participate in a home ownership education program. 40-year fixed rate Home Possible® mortgage.
  • Community Solution loans provide additional flexibilities for teachers/educational institution employees, firefighters, police, healthcare workers and military personnel.
  • HomeChoice loans offer borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers.
  • HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.

Fannie Mae refinance

Conventional loans allow homeowners a maximum loan-to-value of 97% of the value of the home on a rate and term refinance. The maximum loan-to-value for a cash-out refinance is 85% of the value of the home for primary residence.

The Making Home Affordable Program is also available for homeowner who currently have a FNMA loan and want to refinance.

The greatest advantage of a conventional loan is that once your loan-to-value is at or below 80% mortgage insurance is not required.


Apply for a FNMA home loan.

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Call us 888-958-5382


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


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


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Fannie Mae

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

620 credit score


Purchase and rate & term refinance maximum loan to value is 97%


Cash out refinance maximum loan to value is 80%


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888.958.5382

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