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Credit score: Applicants must have a credit score of 660. Income limits: Applicant income cannot exceed 80 percent of the area’s median income. Private mortgage insurance: Must pay PMI premiums.
FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 ...
Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) ... especially first-time homebuyers. You might qualify for an FHA loan with a ...
Lender. Credit requirements. Down payment minimum. Bankrate Score. PenFed Credit Union. 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
This government-backed loan program is a popular choice for first-time borrowers because you don’t need a big down payment or high credit score to qualify. Plus, you can receive up to 6% in ...
You’ll need a credit score of at least 620 to qualify for a conventional ARM. FHA ARMs have a lower threshold: 580, or 500 if you’re prepared to make a 10% down payment.
Creditworthiness: While conventional loans require credit scores solidly in the “good” range – in the 600s at least – the government-backed mortgages will consider applicants with credit ...
Type of Loan. Minimum Credit Score. Conventional. 620. Jumbo. 700. FHA. 580 (or 500 with 10 percent down) VA. 620 (VA doesn’t require a minimum credit score, but lenders do)