Home Purchase Requirements 2016

Home Purchase Requirements 2016


FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

Fannie Mae minimum credit score of 620

USDA requires a minimum credit score of 550


What's the minimum credit score to purchase a home?

The answer is. It depends on who you ask.

All the major banks Wells Fargo, Bank of America, Chase, Citigroup, etc. have minimum credit score requirements. When you apply for a mortgage at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it's the minimum credit score. It means that they are the bank's minimum credit score requirements.

After the financial crisis of 2008 all the major banks raised their standards for approving loans. Because the banks make the rules for loans they will approve, they may require a minimum credit score of 640 for their loans. These guidelines are the bank's guidelines. What this means is, all the major banks including Wells Fargo, Bank of America, Chase, Citigroup, etc. banks make the rules for loans they will approve.

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

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.

Home Purchase Requirements 2016


2013 FHA Limits

FHA Refinance Guidelines

 FHA Loan Requirements

FHA Loans 

FHA Loan Types

FHA Minimum Credit score


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


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


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Minimum credit score needed

to buy a house


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 house

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a house

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a house

Freddie Mac minimum

credit score 620


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888.958.5382

Apply Now!

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