mortgage credit score 2016

mortgage credit score 2016

Fannie Mae credit score guidelines requires a minimum credit score of 620 for a purchase. Updated down payment rules requires a minimum 5% down payment.

There are two conventional refinance programs. New HARP guidelines does not require a minimum credit score to refinance. The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value.

Traditional Fannie Mae refinance require a minimum 620 credit score.

Fixed-rate mortgages are the most common mortgage because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan – whether it's a 15 year, 20 year or 30 year mortgage, allowing for predictability in your monthly housing costs.

What are the benefits of a fixed-rate mortgage

• Inflation protection - If interest rates increase, your mortgage and your mortgage payment won't be affected. This is especially helpful if you plan to own your home for 5 or more years.
• Long-term planning - You know what your monthly mortgage expense will be for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
• Low risk - You always know what your mortgage payment will be, regardless of the current interest rate. This is why fixed-rate mortgages are so popular with first-time buyers.

What documentation will I need?

• Personal tax returns for the past 2 years
• 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)
• Addresses and loan information of other real estate owned (if any)

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