KEYWORDS:Credit Score For FHA Loan 2013
Credit Score For FHA Loan 2017
Credit Score For FHA Loan 2017:
The lowest credit score to buy a home or refinance is 500. New requirements for both FHA and VA require a minimum FICO score of 500.
Fannie Mae and Freddie Mac may require a minimum score of 620 but it becomes cost prohibitive for borrowers with scores below 660 for higher loan-to-value loans. Borrowers with higher scores are more likely to qualify for a conforming loan with a higher loan-to-value.
HARP allows you take advantage of current market rates even if you are underwater with a minimum score of 620. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.
FHA allows borrowers with scores above 580 to make a 3.5% down payment and up to 6% seller concession to purchase a home. Reserves may be required for borrowers with scores below 640.
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. Reserves may be required for borrowers
with scores below 640.
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 have score 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.
USDA loans requires a middle credit score of
at least 620. 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.
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.
Credit Score For FHA Loan 2017:
888.958.5382
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