Prequalify For Mortgage 2017 Prequalification For Home Loan Mortgage

Prequalify For Mortgage 2017

Prequalify For Mortgage 2017

500 is the lowest credit score to prequalify for mortgage 2017. New requirements for both FHA and VA require a minimum FICO score of 500.

Fannie Mae mortgage requires a minimum score of 620
Freddie Mac mortgage requires a minimum score of 620
FHA mortgage requires a minimum score of 500
VA mortgage requires a minimum score of 500
USDA mortgage requires a minimum score of 580
Portfolio mortgage requires a minimum score of 640

Fannie Mae and Freddie Mac may require a minimum score of 620 but it becomes cost prohibitive for borrowers with scores below 660 for higher loan-to-value loans. Borrowers with higher scores are more likely to qualify for a conforming mortgage with a higher loan-to-value.

FHA allows borrowers to qualify for a mortgage with a minimum credit score of 500. Borrowers with credit scores above 580 are required to make a 3.5% down payment and up to 6% seller concession is allowed.

If you have credit scores below 580 new FHA changes require a 10% down payment to qualify for a mortgage. The funds can be a gift from a family member and up to 6% seller concession is allowed.

Debt-to-income ratio first time home buyer 45%. Credit scores above 640 maximum debt-to-income 50%. Non first time home buyer maximum debt-to-income 55%.

VA allows veterans to buy a home with no money down with a minimum score of 500. VA guidelines allows a veteran buy a home using their own funds, gift funds and up to 4% seller concession for closing cost.

USDA loans requires a middle credit score of at least 580. The home to be purchased must be located in an eligible rural area as defined by the USDA. Income eligibility for the USDA Rural Development home loan program are derived from calculating 115% of the counties median income.

Portfolio loans are loans that do not conform to Fannie Mae or Freddie Mac Guidelines. Jumbo loans are portfolio loans and require 15% down payment up to 1 million dollar with no mortgage insurance and 20% down payment up to 1.5 million.

Call us 888.958.5382

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

We look forward to working with you.

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

Call us 888.958.5382

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.

We look forward to working with you.

Apply Now!

Call 800.516.9166

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