For MCC Program:
No minimum FICO credit score or maximum debt-to-income (DTI) requirements.
For DPA or MCC/DPA programs:
Effective April 3, 2017- No maximum debt-to-income (DTI)* requirements will apply to any loan using DPA or MCC/DPA program that receives an automated underwriting approval.
FHA Loans, VA or USDA-RHS Loans
Home buyers must have a minimum FICO score of 620. Please note, home buyers with a FICO score of 620-639 will be charged a .50% origination fee. FHA allows manual underwriting with a maximum debt to income ratio of 43%. A minimum credit score of 640 will apply unless using non-traditional credit.
Temporary overlay effective May 4, 2020: In response to the COVID-19 pandemic, the following interim guidance will be effective with all locks on or after May 4, 2020 - the minimum FICO score for FHA, VA and USDA products is 700 when the DTI is >45%.
Fannie Mae HFA Preferred Conventional Loans
Home buyers must have a minimum FICO score of 640.