Refinance Mortgage Credit Score Requirements 2017

Refinance Mortgage Credit Score Requirements 2017

The lowest credit score to refinance is 500. New requirements for both FHA and VA require a minimum credit score of 500.

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

FHA allows home owners with scores above 580 to refinance up to 97.75% loan-to-value. Home owners with credit scores below 580 can refinance up to 90% loan-to-value.

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 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 with credit score below 580.

Fannie Mae and Freddie Mac may require a minimum score of 620 to refinance on their conventional program.

HARP allows you take advantage of current market rates even if you are underwater with no minimum credit score. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.

VA allows veterans to refinance up to 100% loan-to-value.

USDA loans requires a middle credit score of at least 580. The home to be refinance 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.

Portfolioloans are loans that do not conform to Fannie Mae or Freddie Mac Guidelines. Jumbo loans are portfolio loans and require 85% loan-to-value up to 1 million dollar with no mortgage insurance and 80% loan-to-value up to 1.5 million.

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages 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.

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