Nadine Cius

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Is There a Minimum Credit Score Requirement for HomePath Financing?

March 14th, 2011

Is there a minimum credit score requirement for HomePath financing?  The minimum credit score requirement for HomePath financing will depend on the LTV and whether it's primary residence, second home or investment property.  The HomePath program is a fixed rate, fully amortized loan that provides low down payment, no mortgage insurance and no appraisal for REO properties by Fannie Mae.  Fannie Mae must designated a property as eligible for a HomePath Mortgage.  Following are the credit guidelines:

Owner occupied to 97% LTV - requires 660+ credit score
Owner occupied to 80% LTV - requires 620+ credit score
2nd home to 90% LTV - requires 660+ credit score
Investment to 90% LTV - requires 700+ credit score

Also, above requirements will change if its a high balance loan.  Additionally, keep in mind that you can use any financing(such as FHA or other conventional loan programs) to finance a HomePath property, as long as the property meet the guidelines under those  programs.   However if you do not use HomePath mortgage, then you will not receive the financing incentives offered by HomePath.  Your down payment will vary depending on the program you use, and an appraisal will be required along with mortgage insurance.

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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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This Blog will answer questions regarding real estate and mortgage financing. One question will be selected from the most frequently asked questions of the week regarding real estate and mortgage financing.
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