Credit score needed to buy house 2017

Credit score needed to buy house 2017


Fannie Mae minimum credit score of 620

FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

USDA requires a minimum credit score of 580


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 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.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

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.

No matter what the economy looks like, mortgage rates change on a daily, even hourly, basis. Rate fluctuations can cost or save you thousands of dollars. With that in mind, the question when shopping for a loan is whether it's best to lock in a rate or float the loan. Either way, there's risk.


Fannie Mae minimum down payment of 5%

FHA minimum down payment of 3.5%

VA loan no minimum down payment

USDA no minimum down payment


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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


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New Jersey Location

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800.516.9166

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Minimum credit score needed

to buy a house

Apply Now!

FHA

Requires a minimum credit score of 500 to buy a house

FHA minimum

credit score 500

VA

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

888-958-4228

Apply Now!