What Credit Score is Needed to Buy a House

What Credit Score is Needed to Buy a House


FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

Fannie Mae minimum credit score of 620

USDA requires a minimum credit score of 580


The lowest credit score to buy a house 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 580
  • Portfolio requires a minimum score of 640

Fannie Mae and Freddie Mac require a minimum score of 620 to buy a house. New guidelines require a minimum of 5% down payment.

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

If you have credit score 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.

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 500. 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.


FHA minimum down payment of 3.5%

VA loan no minimum down payment

Fannie Mae minimum down payment of 5%

USDA no minimum down payment


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Minimum credit score needed to buy a house


FHA

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home

Freddie Mac minimum

credit score 620


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