August 11 2016 Credit Score Needed to Buy a House

August 11 2016 Credit Score Needed to Buy a House

August 11 2016 Credit Score Needed to Buy a House

Fannie Mae minimum credit score of 620

FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

USDA requires a minimum credit score of 580

Today’s historically low interest rates make now the perfect time to purchase a new home.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

No matter what the economy looks like, mortgage rates change on a daily, even hourly, basis. Rate fluctuations can cost or save you thousands of dollars. With that in mind, the question when shopping for a loan is whether it's best to lock in a rate or float the loan. Either way, there's risk.

Fannie Mae and Freddie Mac require a minimum credit score of 620 to buy a home. Their mission is to help ensure that home buyers and home owners have access to mortgage financing.

Government Loans

There are several types of government loan programs that you may qualify for. Each program has different down payment, credit score, property type and loan-to-value requirements

FHA requires a minimum credit score of 500 to purchase a home. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.

To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit score. In addition, the consumers need a reasonable debt-to-income ratio. Most lenders will qualify borrowers at a maximum of 50 percent of overall debt to household gross monthly income. Some borrowers with significant assets or income will be able to qualify even with slightly lower credit scores or higher debt.

Low mortgage rates result in lower monthly payments which can save you thousands of dollars off the life of the loan.

Fannie Mae minimum down payment of 5%

FHA minimum down payment of 3.5%

VA loan no minimum down payment

USDA no minimum down payment

Application

Please note that all fields followed by an asterisk must be filled in.

Property State*

County of subject property*

How did you hear about us*

	Internet
	Realtor
	Referral
	Other

If Realtor - Realtor's Name

Purchase or Refinance*

When do you want to close*

Describe your Credit*

Property type*

Occupancy*

Loan type*

Have you ever declared bankruptcy, when was it discharged*

Do you have any foreclosures*

Have you ever had a short sale*

Do you have any collection accounts, excludung medical*

Verifiable rental or mortgage history*

Property value*

Loan Amount*

Your first name*

Your middle initial

Your last name*

Please choose a suffix

Daytime/Work Phone*

Evening Phone*

Cell Phone*

What is your employment status *

What is your email address*

Current mailing address*

City*

State*

ZIP code*

How long have you lived at this address*

Date of birth*

Citizenship status*

Social Security #*

Marital status*

Are you requesting a loan with a spouse or Co-borrower*

If Co-borrower, Co-borrower first name

Co-borrower last name

Co-borrower current mailing address

City

State

Zip code

Co-borrower date of birth

Co-borrower Social Security #

What are your total monthly debt payments, excluding housing*

What is your monthly housing payment*

Annual Income*

stocks, bonds, mutual funds, 401K checking and savings*

How much do you have in stocks, bonds, mutual funds, 401K*

Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you

Call us 888.958.5382

FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

We look forward to working with you.

Call us 888-958-5382

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

We look forward to working with you.

August 11 2016 Credit Score Needed to Buy a House Florida, August 11 2016 Credit Score Needed to Buy a House Florida

Call 800.516.9166

Recent Articles

FHA lender below 640 credit score COVID 19 New Jersey
Sep 28, 23 10:42 AM
FHA Loans - FHA lender below 640 credit score COVID 19 New Jersey een told that you need a minimum credit score to qualify for an FHA loan and you don't qualify? Call us 888-958-5382 or compete our on…
Read More
FHA lender below 640 credit score COVID 19 Florida
Sep 28, 23 10:41 AM
FHA Loans - FHA lender below 640 credit score COVID 19 Florida. Have you been told that you need a minimum credit score to qualify for an FHA loan and you don't qualify? Call us 888-958-5382 or compet…
Read More
FHA below 680 credit score - COVID 19
Sep 28, 23 10:39 AM
COVID 19 Update - FHA below 680 credit score. Have you been told that you need a minimum credit score to qualify for an FHA loan and you don't qualify because your credit score is to low? Our minimum…
Read More

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Minimum credit score needed

to buy a house

FHA

Requires a minimum credit score of 500 to buy a house

credit score 500

VA

Requires a minimum credit score of 500 to buy a home or refinance

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

Call Now, Our Staff is Available

888-958-5382