Credit Score Needed to Buy a House in Florida

Credit score needed to buy a house in Florida


We hear it all the time!

What's the minimum credit score for an FHA loan approval?

The lowest credit score to buy a house or refinance your mortgage is 500. These new requirements for both FHA and VA went into effect in 2010.

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

When you apply for a mortgage your monthly income minus your monthly liability determines your maximum loan amount. Mortgage loan requirements include a maximum debt to income ratio. When a borrower applies for a mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender can calculate the borrower's debt-to-income ratio.

  • Most lenders will limit maximum debt-to-income to under 50%
  • The maximum debt to income ratio is 54.99%
  • Manual underwriting maximum debt to income ratio is 43%
  • Credit score needed to buy a house in New Jersey

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 5.0% with above 620 credit score
  • Freddie Mac minimum down payment 5.0% 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
  • Portfolio minimum down payment 15.0% with above 720 credit score

FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.

  • 203(b) FHA purchase program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  • 203(k) FHA purchase program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding home ownership opportunities.

Eligible Property/Project Types

  • Single Family Residence (one unit, attached or detached including town homes row homes)
  • Manufactured Homes
  • HUD Owned Properties
  • Modular Home
  • Pre-cut Home
  • Panelized Home
  • Multi-family (two to four units)
  • Mixed-Use Property
  • Condominium
  • Planned Unit Development (PUD)
  • Move-on 55+ Age Restricted Communities
  • Co-ops

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)


Credit score needed to buy a house in Florida

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.

Credit score needed to buy a house in FL

Apply Now

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.

LOGO
LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Mortgage Rates August 5

    Aug 05, 24 04:10 PM

    Mortgage Rates August 5, 2024. Rates have gone down recently. Lower rates equals lower mortgage payment.

    Read More

  2. Mortgage Rates August 5 2024

    Aug 05, 24 03:55 PM

    blog.png
    Mortgage Rates August 5 2024

    Read More

  3. Today's FHA Rates 5.00% & 5.875% Conventional Minimum 700 Credit Score

    Aug 05, 24 03:48 PM

    Today’s historically low 30 year fixed interest rates make now the perfect time to purchase a new home or refinance To be approved at the lowest mortgage rates, you do not need to have the highest cre…

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

Minimum credit score needed to buy a home


Apply Now!

Call 888.958.5382

E-mail Us!


FHA loan

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500


VA loan

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500


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


Call Now, Our Staff is Available

888.958.5382

Apply Now!