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what is the credit score minimum for getting down payment assistance?

i have a 671 and only 4.5% to put down toward a mortgage with fannie mae. will i qualify for any help that is available? by inimical.ilse7438484 from Myersville, Maryland. Nov 26th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Most down payment assistance programs require a middle credit score of 640. Your credit score is OK for most programs, FHA loans only require 3.50%, and can be combined in many areas with a down payment assistance program. Contact a local mortgage broker in your area for more assistance. In MN, get down payment assistance at www.MNHomesAndLoans.com

Nov 30th 2014
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

are you doing home path?? they have stopped funding are you buying in rural area? there are 100% loans for that ,, also are you a vet??

Nov 28th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Good info above; keep in mind that some downpayment assistance programs require the funds to be paid back. Some of my customers prefer to go the FHA route and not have to worry about all the requirements and delays typical to assistance programs but you will need to determine that for yourself. Good luck!

Dec 1st 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

I've never heard of a DPA program requiring a certain credit score.. most just say you must qualify for a mortgage, and if only one credit score were required, then 671 would be acceptable. But there's much more to getting approved than just a credit score, so try reaching out to a local mortgage broker and apply with them.. once they see your complete profile, they can advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 1st 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

It depends on a few different factors. In Colorado down payment assistance programs are all FHA based with some requiring a 620 and others requiring a 640. I would contact a local loan officer and have them present you with all of your available options including local down payment assistance programs to see what will be the best loan of your situation. Best wishes, Sean

Dec 1st 2014
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