Credit Score For a Home Loan

Mortgage rates

Credit score for a home loan


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 580


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 announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

The Federal Housing Administration insures FHA loans and did not used to require a minimum credit score. The new FHA policy changes requires a minimum credit score of 580 for 3.5% down payment and anyone purchasing a home with a score lower than 580 will require 10% down payment.

The FHA has taken the following step:

  • Update the combination of FICO scores and down payments for new borrowers
  • New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program
  • New borrowers with less than a 580 FICO score will be required to put down at least 10%

Credit score for a home loan.


FHA minimum down payment of 3.5%

VA loan no minimum down payment

Fannie Mae minimum down payment of 5%

USDA no minimum down payment


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Minimum credit score needed to buy a home

Apply Now!

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

FHA

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500

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888-958-5382

Apply Now!