Fannie Mae loan requirements

Are you interested in buying a home or a refinance using Fannie Mae?


Do I qualify for a conventional home loan?

Conventional loans require a minimum credit score of 620 to buy a home. A borrower must have a minimum of 3% down payment to be eligible for a conventional loan. Conventional loans are easier to obtain with a credit score of at least 640 or 660.

  • My Community program requires a minimum down payment of 3%. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income for the subject property’s location.
  • Home Possible® program requires a minimum down payment of 3%. First Time Home Buyers must participate in a home ownership education program. 40-year fixed rate Home Possible® mortgage.
  • Community Solution loans provide additional flexibilities for teachers/educational institution employees, firefighters, police, healthcare workers and military personnel.
  • HomeChoice loans offer borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers.
  • HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.

Fannie Mae refinance

Conventional loans allow homeowners a maximum loan-to-value of 97% of the value of the home on a rate and term refinance. The maximum loan-to-value for a cash-out refinance is 85% of the value of the home for primary residence.

The Making Home Affordable Program is also available for homeowner who currently have a FNMA loan and want to refinance.

The greatest advantage of a conventional loan is that once your loan-to-value is at or below 80% mortgage insurance is not required.


Apply for a FNMA home loan.

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.


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.

We look forward to working with you.

LOGO
Image 12

What's the minimum credit score needed to buy a house or refinance


Apply Now!

Call 888.958.5382

E-mail Us!


Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score


Purchase and rate & term refinance maximum loan to value is 97%


Cash out refinance maximum loan to value is 80%


Call Now, Our Staff is Available!

888.958.5382

Apply Now!

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Low Credit Score Mortgage Florida

    Apr 04, 24 09:41 AM

    FHA
    Low Credit Score Mortgage Florida Down to 500. Purchase or Refinance.

    Read More

  2. Credit Score Requirements for FHA 2024

    Mar 18, 24 09:08 AM

    FHA-LOAN-3
    Credit Score Requirements for FHA 2024. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500.

    Read More

  3. FHA Loan Requirements 2024 - FHA Loan Programs 2024

    Mar 15, 24 01:12 PM

    FHA loan requirements 2024. FHA loan guidelines for minimum credit score, minimum down payment and closing costs.

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png