640 is the magic number your credit score needs to be at or above to get a mortgage from most lenders for most mortgage loan programs. We are approved brokers with investors that will go down to a 580 credit score on their FHA home loan program. We also have Hard Money Lenders who will approve loans with any credit score.
If your score is below 640 this is your target credit score if you are doing credit repair or credit score improvement so that you can qualify for and take advantage of most lenders’ best rate loan programs.
Fannie HomePath Purchase program – 660 credit score 3% down, 620 credit score 10% down
Fannie Mae / Freddie Mac – 620 credit score, 20% down
FHA – 640 credit score all lenders, many will accept 620 score, very few manual underwriters will consider 580 credit scores
USDA – 640 most lenders, a few will allow 620 credit scores
VA – 620 is the minimum for most lenders
Hard Money – Not credit score driven, most with a large down payment or a free and clear property will qualify for this privately funded equity loan program