August 12 2016 Credit Score Needed to Buy a House

August 12 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.

August 12 2016 credit


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


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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.


We look forward to working with you.

August 12 2016 credit score needed to buy a house Florida

Apply Now

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.

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New Jersey Location

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800.516.9166

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Minimum credit score needed

to buy a house

Apply Now!

FHA

Requires a minimum credit score of 500 to buy a house

FHA minimum

credit score 500

VA

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

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

Call Now, Our Staff is Available

888-958-5382

Apply Now!