Di erent Loan Programs & Ideal Credit Scores for Each
Homebuyers can choose from several di erent loan options when they’re ready to make their purchase. Each of these is associated with di erent requirements for a buyer’s credit score and DTI ratio. A few of our customers’ most common loan types include: Read The Blog
Credit scores must be at least 620 (680+ preferred) with a DTI of up to 50% and minimum of 5% down. Conventional
FHA Backed by the Federal Housing
Commission (FHA), credit scores for these loans must be at least 580 (640+ preferred) with a down payment of at least 3.5%.
VA
Administered by the Department of Veterans A airs (VA), buyers can put as little as $0 down with lower interest rates than other loan types. Applicants must be in the U.S. Armed Forces or National Guard to qualify. Preferred credit scores should be at least 640.
USDA Loans through the United States Department of Agriculture (USDA) can be as little as $0 down if the buyer meets certain requirements. Preferred credit scores should be at least 680.
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