Credit score for a home loan What is the minimum credit score for home loan

Credit Score For a Home Loan

FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

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

Call us 888.958.5382

Application

Please note that all fields followed by an asterisk must be filled in.

Property State*

County of subject property*

How did you hear about us*

	Internet
	Realtor
	Referral
	Other

If Realtor - Realtor's Name

Purchase or Refinance*

When do you want to close*

Describe your Credit*

Property type*

Occupancy*

Loan type*

Have you ever declared bankruptcy, when was it discharged*

Do you have any foreclosures*

Have you ever had a short sale*

Do you have any collection accounts, excludung medical*

Verifiable rental or mortgage history*

Property value*

Loan Amount*

Your first name*

Your middle initial

Your last name*

Please choose a suffix

Daytime/Work Phone*

Evening Phone*

Cell Phone*

What is your employment status *

What is your email address*

Current mailing address*

City*

State*

ZIP code*

How long have you lived at this address*

Date of birth*

Citizenship status*

Social Security #*

Marital status*

Are you requesting a loan with a spouse or Co-borrower*

If Co-borrower, Co-borrower first name

Co-borrower last name

Co-borrower current mailing address

City

State

Zip code

Co-borrower date of birth

Co-borrower Social Security #

What are your total monthly debt payments, excluding housing*

What is your monthly housing payment*

Annual Income*

stocks, bonds, mutual funds, 401K checking and savings*

How much do you have in stocks, bonds, mutual funds, 401K*

Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you

Apply Now!

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.

Understanding the Role of a Mortgage Broker for the Best Mortgage Rates in New Jersey

We look forward to working with you.

Apply Now!

Call 800.516.9166

Email Us!

Recent Articles

Best Mortgage Rates in New Jersey.
Jun 01, 23 09:40 AM
Best Mortgage Rates in New Jersey. See if you qualify for the lowest mortgage rates available!
Read More
No Income Verification Mortgage Florida. No Income Documents Required.
May 31, 23 10:59 AM
A no income verification mortgage, is a type of home loan that allows borrowers to secure financing without providing traditional proof of income, such as pay stubs, W-2 forms, or tax returns.
Read More
FHA Minimum Credit Score Requirements in 2023: What You Need to Know
Mar 02, 23 07:59 AM
What you need to know about FHA minimum credit scores in 2023, including the minimum credit score requirements, why credit score is important, and how to improve your credit score to qualify for an FH…
Read More

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

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500

Call Now, Our Staff is Available

888-958-5382

Apply Now!

www.MORTGAGE-WORLD.com LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. Licensee will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. All loans arranged with third-party providers. Licensed by the Connecticut Department of Banking Connecticut Mortgage Correspondent Lender MCL-1630225 Licensed by the NJ Department of Banking and Insurance NJ Correspondent Residential Mortgage Lender License Licensed by the Florida Office of Financial Regulation Florida Mortgage Lender License MLD1987 NMLS ID 1630225 www.MORTGAGE-WORLD.com LLC 535 Bergen Blvd. Suite 2 Ridgefield NJ 07657 Call 888-958-5382