What is the minimum credit score for a fannie mae loan?

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Madonna Heaney asked a question: What is the minimum credit score for a fannie mae loan?
Asked By: Madonna Heaney
Date created: Thu, Jul 22, 2021 1:10 PM
Date updated: Fri, Nov 18, 2022 8:00 PM

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Video answer: New fannie mae guideline change on credit scores!!!!

New fannie mae guideline change on credit scores!!!!

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For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required.22 Of course, the better, or higher, your FICO score, the more eligible you are for the lowest available interest rates.

Because Fannie Mae has a minimum qualifying credit score of 620, this should help more clients qualify together on the loan, allowing for the use of all incomes to determine what they can afford. This also helps clients who are still working on their credit but may be applying with a co-signer.

Homebuyers must also meet minimum credit requirements to be eligible for Fannie Mae-backed mortgages. For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required.

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