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Loan type. Credit score minimum. Conventional loan. 620 or 660 depending on program. FHA loan. 580 (or 500 with a minimum 10 percent down payment) VA loan
If you’re a first-time homebuyer feeling worried by the 20% down payment guidance commonly quoted, know that a down payment can actually be much lower—for example, 3% to 5% depending on loan type.
The two main types of loans that don’t usually require a down payment are VA loans and USDA loans. ... with a credit score as low as 580. (If you have a credit score between 500 and 579, you ...
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)
The limit is based on the county where you live and the Federal Housing Finance Agency has a site to figure it out. Typically, in 2022 it is $647,200 but higher in some areas where it is $970,800 ...
The VA doesn’t set a credit score minimum for borrowers, but some VA lenders might. Generally, this is around 620, the same as a conventional loan — though many may allow for lower scores.
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