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 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.
Call us 888.958.5382
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.
Aug 05, 24 04:10 PM
Aug 05, 24 03:55 PM
Aug 05, 24 03:48 PM
Call Now, Our Staff is Available!
800.516.9166
What's the minimum credit score needed to buy a house or refinance
Call 888.958.5382
FHA loans
Requires a minimum credit score of 500 to buy a home or refinance
VA loans
Requires a minimum credit score of 500 to buy a home or refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a home or refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a home or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a home or refinance
Call Now, Our Staff is Available
888-958-5382