Refinance Credit Score

Refinance Credit Score


The lowest credit score to refinance 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 620
  • Portfolio loans require a minimum score of 580

Fannie Mae and Freddie Mac may require a minimum score of 620 but it becomes cost prohibitive for borrowers with scores below 660 for higher loan-to-value loans. Borrowers with higher scores are more likely to qualify for a conforming loan with a higher loan-to-value.

HARP allows you take advantage of current market rates even if you are underwater with a minimum score of 620. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.

FHA allows borrowers with scores above 580 to refinance  up to 97.5% loan-to-value on a rate and term refinance. Cash-out credit score above 580 allows up to 85% loan-to-value.

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. Reserves may be required for borrowers with scores below 640.

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 have score 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 620. 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 10% down payment up to 1 million dollar with no mortgage insurance and 15% down payment up to 1.5 million.



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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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Minimum Credit Score Needed

to Refinance


Apply Now!

Call 888.958.5382

E-mail Us!


FHA

Requires a minimum credit score of 500 to refinance

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to refinance

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to refinance

Freddie Mac minimum

credit score 620


Call Now, Our Staff is Available

888-958-5382

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