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Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA
Mortgage Lender in Louisville
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4.9
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(502) 905-3708
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Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA
Call
(502) 905-3708
Call now
Contact Us
Directions
Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA
2 months ago
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The minimum credit score requirements for each of these loan types:
Conventional:
620 SCORE NEEDED. BUT TO GET APPROVED FOR A FANNIE MAE LOAN MOSTLY LIKE YOU WILL NEED A 720 SCORE OR HIGHER IF YOU HAVE LESS THAN 20% EQUITY POSITION OR LESS THAN 20% DOWN PAYMENT DUE TO PRIVATE MORTGAGE INSURANCE
FHA:
580 for a 3.5% down payment
500 for down payments of at least 10%
**MOST FHA LENDERS WILL WANT A 580 to 620 CREDIT SCORE NOWADAYS
VA:
No minimum BUT MOST VA LENDERS WILL WANT A 580 to 620 CREDIT SCORE
USDA:
No minimum, but with a credit score of at least 620 to 640 you could qualify for streamlined credit analysis and chances of approval goes way down if score is below 640...
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