Credit score for mortgage approval 2016

credit score for mortgage approval 2016

Credit score

The lowest credit score to buy a house or refinance is 500. New requirements for both FHA and VA require a minimum credit score of 500.

Fannie Mae requires a minimum score of 620
Freddie Mac requires a minimum score of 620
FHA requires a minimum score of 500
VA requires a minimum score of 500
USDA requires a minimum score of 580
Portfolio requires a minimum score of 640

Debt-to-income

Debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage. They are used to determine if you have the capacity to repay your mortgage.

The maximum debt to income ratio is 54.99% and a minimum credit score of 640. Most lenders will limit maximum debt-to-income to under 50% and some lenders to 45%.

Collection accounts

FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

Down payment

There are 6 different types of programs that you may qualify for. Each program has a different down payment requirement:

Fannie Mae minimum down payment 5% with above 620 credit score
Freddie Mac minimum down payment 5% with above 620 credit score
FHA minimum down payment 3.5% with above 580 credit score 10% down payment with below 580 credit score
VA zero down payment with minimum credit score of 500
USDA zero down payment with minimum credit score of 580
Jumbo loans minimum down payment 15% with above 720 credit score
Credit score for mortgage approval 2016

Apply Now!

Call us 888.958.5382

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

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

FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

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

We look forward to working with you.

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

KEYWORDS: Credit score for mortgage approval 2016 • Alabama • Alaska • Arizona • Arkansas • California • Colorado • Connecticut • Delaware • District of Columbia • Florida • Georgia • Hawaii • Idaho • Illinois • Indiana • Iowa • Kansas • Kentucky • Louisiana • Maine • Maryland • Massachusetts • Michigan • Minnesota • Mississippi • Missouri • Montana • Nebraska • Nevada • New Hampshire • New Jersey • New Mexico • New York • North Carolina • North Dakota • Ohio • Oklahoma • Oregon • Pennsylvania • Puerto Rico • Rhode Island • South Carolina • South Dakota • Tennessee • Texas • Utah • Vermont • Virginia • Washington • West Virginia • Wisconsin • Wyoming • Credit score for mortgage approval 2016