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John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MT, NC, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, WV - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

1 I can help with:

FHA - 500 FICO to qualify for FHA financing, however to take advantage of the 3.5% down product, the score needs to be 580 (below 580 requires 10% down and some other standards need to be met)


VA - there isn't a minimum FICO required by VA, per se, but most lenders (all that I know of) want to see a 620 or higher (some even have higher minimums of 640+)


Conventional - 620 is the common benchmark and a requirement for FannieMae loans.  FreddieMac actually doesn't have a minimum FICO, but it's generally extremely difficult to get an approval through their LP system with anything less than a 620.  Some affordable/community products will go a little lower.

Feb 06, 2020 12:03 PM
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

VA there is no legal minimum. Every lender has different rules. Here is why:

Wells Fargo sells to Freddie Mac and they have a high repurchase history - therefore they have more strict "overlays" ie: they require higher FICO middle score than most

Chase sells to Fannie Mae and they also have a bank "overlay" but not as heafty as Well's 

The score that is used is a MORTGAGE credit report which is often lower than a consumer one. We use of all the borrowers the LOWEST middle score. 

My minimum FHA is 500, conventional 520, and VA is all case by case

I can broker a 480 to 4 places - the borrower needs other factors to make up for the low score. 

Every lender is goin to have a different bar.

Keep in mind FICO is a big part of interest rate. The lower the score bracket the higher the rate

Call me if you need a specific scenario solution

A bank or credit union is stricter on scores. A mortgage banker can sell a really low score to someone; but the borrower will pay a high rate. This leads to another question and problem if the rate is too high - it's considered a "high priced loan" and our government makes lenders give these away for free if a lender makes a mistake. a bank is always going to turn down a low score because the additional points and higher rate goes over the rule here:


Feb 06, 2020 11:59 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent. If your credit score is below 580, however, you aren't necessarily excluded from FHA loan eligibility. › fha_credit_requirements

Credit Requirements for an FHA Loan in 2019 -

The VA doesn't set a minimum credit score requirement for the VA loan, but also does not make the loan. Lenders who do make the loans will typically have a credit score benchmark. That benchmark varies by lender, but a 620 FICO score is a common credit score requirement for a VA loan. › eligibility › credit

VA Loans and Credit - Credit Score Requirements for 2020 ...

Feb 06, 2020 10:00 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

No need for a website when one has a reliable mortgage partner available.

Feb 06, 2020 12:07 PM
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

What Roy mentioned is correct but lenders typically also have overlays that will only allow them to go down to a certain credit score. Most A paper lenders will go down to a credit score of 620 but will add an "adjustment" to the pricing for lower scores (Loan-to-Value ratios also determine this amount). There are lenders that will go down to 580 (and below -think hard money) but there is a hefty cost to it.

It really depends on the individual loan parameters when you get below 680 (loan type, property type, loan amount, LTV, credit score).

Feb 06, 2020 10:48 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy


Looks like Roy has part of your answer.  I recently found this site for a friend who found it very useful.  

Feb 06, 2020 10:23 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Great question Fred Griffin Tallahassee Real Estate and I wish I had a good answer for you. As a remote closer I used to see credit reports in every loan package, now it's almost rare.

Feb 06, 2020 10:17 AM
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Looks like our guy, John Meussner has you covered, Fred!

Feb 06, 2020 08:51 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

I trust a few lenders in my selling area for that type of information, rather than going online. You got some fantastic answers Fred!

Feb 06, 2020 06:24 PM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Sometimes varies by lender and by state.

website- myfico usually has helpful info.


Feb 06, 2020 03:43 PM
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, VA, GA and FL.

1. There are lenders that will go down as low as 580 FHA/VA on purchase and refi loans. 2. Go to the horse's mouth on credit scores, This is the company that comes up with the scoring models.

Feb 06, 2020 03:03 PM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Clearly different lenders have different scores, the lender we use (and I just came from a closing with him) will not do FHA below 620 

Feb 06, 2020 02:21 PM
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Yikes Fred, 500 seems too low to buy a home with. I always ask a LO if there will be a problem.

Feb 06, 2020 12:54 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Looks like Caroline Gerardo has this one covered and provides a resource link.  

Feb 07, 2020 09:36 AM
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

John Meussner  has your correct answer. Thanks John.

Feb 07, 2020 05:55 AM