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:
Credit score for a home loan.
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Call us 888.958.5382
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Jun 01, 23 09:40 AM
May 31, 23 10:59 AM
Mar 02, 23 07:59 AM
Minimum credit score needed to buy a home
Fannie Mae
Requires a minimum credit score of 620 to buy a home
Freddie Mac
Requires a minimum credit score of 620 to buy a home
FHA
Requires a minimum credit score of 500 to buy a home
VA
Requires a minimum credit score of 500 to buy a home
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888-958-5382