First Time Home Buyer Florida Credit Score Requirements - Mortgage rates hit new lows. Today's mortgage are the lowest in over 50 years according to Freddie Mac. Now is a great time to buy a home.
There are 5 different types of programs that you may qualify for as a first time home buyer. Each program has a different requirement:
FHA loan require 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. FHA requires a minimum down payment of 3.5% of the purchase price. Offering programs to buy a home or refinance such as rate & term, cash-out and streamline refinance.
VA loan require a minimum credit score 500. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.
USDA requires a minimum credit score 580. The Office of Rural Development (RD) is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America by offering 100% financing.
Conventional loans - Fannie Mae and Freddie Mae are also known as conventional loans. Each program has different requirements for down payment, credit score, property type and loan-to-value.
Fannie Mae requires 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 mortgages. Fannie Mae offers the HomeReady progran for first time home buyers.
Freddie Mac requires a minimum credit score of 620 to buy a home or refinance. Their mission is to help ensure that home buyers and home owners have access to mortgages. Offering programs such as HomePossible, Conforming and Conforming High Balance.
Portfolio loans require a minimum credit score 640. A portfolio loan is a loan that is made by a lender that does NOT sell the loan to the Fannie Mae and Freddie Mac. Because they don’t sell the loan off to Freddie or Fannie, they don’t have to follow any of the requirements that Fannie and Freddie have. Examples of portfolio loans are jumbo loans, stated income loans, loans for foreign nationals and loans for investment properties.
The most popular type of mortgage 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.
Call us 888-958-4228
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.
Nov 28, 23 04:07 PM
Nov 28, 23 04:05 PM
Nov 28, 23 04:03 PM