Conventional
Credit Requirements
Fannie Mae | Freddie Mac Credit Basis
Tradeline Requirements
– Minimum of three tradelines that have been evaluated at least twelve (12) months
Minimum Credit Score
Loan Type | Occupancy | # Of Properties Financed | Minimum Credit Score |
---|---|---|---|
Purchase | Refinance | Primary Residence | 0-6 | 620 |
Purchase | Refinance | Second Home | 0-6 | 620 |
Purchase | Refinance | Investment Property | 0-6 | 620 |
Purchase | Refinance | Primary Residence | 7-10 | 720 |
Purchase | Refinance | Second Home | 7-10 | 720 |
Purchase | Refinance | Investment Property | 7-10 | 720 |
Derogatory Credit Seasoning
Derogatory Event | Discharge/Dismissal |
---|---|
Bankruptcy — Chapter 7 or 13 | 7 years |
Foreclosure, Deed-in-Lieu of Foreclosure | 7 years |
Loan Modification | 7 years |
Pre-foreclosure/Short Sale | 7 years |
Charge-Off of Mortgage Account | 7 years |