Credit Score

What's the minimum credit score for a First Time Home Buyer?


What is a good score?

The lowest score to buy a house is 500 with an FHA home loan. These new requirements for both FHA and VA went into effect in 2010.

  • FHA requires a minimum score of 500
  • VA requires a minimum score of 500
  • Fannie Mae requires a minimum score of 620
  • Freddie Mac requires a minimum score of 620
  • USDA requires a minimum score of 580
  • Buying a New Home 2016

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

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.

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're score is 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.

Fannie Mae has introduced their latest HARP which requires no minimum credit score and allows you take advantage of current market rates even if you are underwater. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.

USDA loans requires a middle credit score of at least 580. 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.


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What's the minimum credit score needed to buy a house or refinance


Apply Now!

Call 888.958.5382

E-mail Us!


FHA loans

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

FHA minimum

FICO score 500


VA loans

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

VA minimum

FICO score 500


Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

FICO score 620


Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

FICO score 620


Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

FICO score 620


Call Now, Our Staff is Available

888-958-5382


Apply Now!