2017 Credit Score for Mortgage Approval
Credit score
The lowest credit score to buy a house or refinance is 500. New requirements for both FHA and VA require a minimum credit score of 500.
Debt-to-income
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.
The maximum debt to income ratio is 54.99% and a minimum credit score of 640. Most lenders will limit maximum debt-to-income to under 50% and some lenders to 45%.
Collection accounts
FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.
Down payment
There are 6 different types of programs that you may qualify for. Each program has a different down payment requirement:
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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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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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We look forward to working with you.
2017 Credit score for mortgage approval • Alabama • Alaska • Arizona • Arkansas • California • Colorado • Connecticut • Delaware • District of Columbia • Florida • Georgia • Hawaii • Idaho • Illinois • Indiana • Iowa • Kansas • Kentucky • Louisiana • Maine • Maryland • Massachusetts • Michigan • Minnesota • Mississippi • Missouri • Montana • Nebraska • Nevada • New Hampshire • New Jersey • New Mexico • New York • North Carolina • North Dakota • Ohio • Oklahoma • Oregon • Pennsylvania • Puerto Rico • Rhode Island • South Carolina • South Dakota • Tennessee • Texas • Utah • Vermont • Virginia • Washington • West Virginia • Wisconsin • Wyoming • 2017 Credit score for mortgage approval
Minimum credit score needed to buy a house or refinance
Aug 05, 24 04:10 PM
Aug 05, 24 03:55 PM
Aug 05, 24 03:48 PM
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FHA
Requires a minimum credit score of 500 to buy a house or refinance
FHA streamline
requires no minimum credit score to refinance
VA
Requires a minimum credit score of 500 to buy a house or refinance
HARP refinance
requires no minimum credit score to refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a house or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a house or refinance
Call Now, Our Staff is Available
888.958.5382