Credit score mortgage 2017

credit score mortgage 2017

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires lenders to make a reasonable, good faith determination that a consumer has the ability to repay a mortgage loan before extending the consumer credit also known as The Ability-to-Repay Rule.

Qualified Mortgage is a residential mortgage loan that which the regular periodic payments for the loan does not increase the principal balance or allow the consumer to defer repayment of principal and has points and fees less than 3% of the loan amount.

• FHA mortgage minimum credit score is 500
  
• VA mortgage minimum credit score is 500
  
• USDA mortgage minimum credit score is 580
  
• Jumbo mortgage minimum credit score is 660
• Fannie Mae mortgage minimum credit score is 620
  
• Freddie Mac mortgage minimum credit score is 620

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.

There are two calculations:

1. The first or front end is your housing expense ratio. This is your proposed mortgage payment (principle, interest, taxes, mortgage insurance, and home owners insurance) divided by your gross monthly income.
2. The second or back end is your total monthly obligations ratio. This is your gross monthly payment including mortgage PITI divided by your gross monthly income.

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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply now.

We look forward to working with you.

We look forward to working with you.

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