Credit score requirements to buy a house 2016

Credit score requirements to buy a house

Credit score requirements to buy a house

FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

Fannie Mae minimum credit score of 620

USDA requires a minimum credit score of 580

Credit score

Borrowers with a credit score above 500 are eligible for an FHA loan.

New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
New borrowers with less than a 580 credit score will be required to put down at least 10%

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 credit score above 580.

If you have credit 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.

FHA income

Regardless of the FHA loan limit for your area, the amount of loan you qualify for depends on your income and ability to pay. Under FHA standards, you should spend no more than 31% of your monthly income on your mortgage, property tax, and insurance.

Credit score below 620 maximum debt-to-income ratio is 43%. In addition, credit score above 620 you should spend no more than 54.99% (DTI) of your income on total debt payments, including student loans, car loans, and credit card debt.

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.
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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

Call us 888.958.4228

We look forward to working with you.

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

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.

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What's the minimum score to buy a house

FHA credit score

FHA requires a minimum 500 credit score to buy a house

500 credit score

VA credit score

VA requires a minimum 500 credit score to buy a house

500 credit score

Fannie Mae credit score

Fannie Mae requires a minimum 620 credit score to buy a house

620 credit score

Freddie Mac credit score

Freddie Mac requires a minimum 620 credit score to buy a house

620 credit score

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