![]() Mortgages insured by the Federal Housing Administration (FHA) are designed for people with less-than-perfect credit. Lenders usually look for a debt-to-income ratio of 43% or less, according to the Consumer Financial Protection Bureau (CFPB). Keep in mind: For a conventional mortgage, you’ll also typically need a low debt-to-income ratio, which measures how much of your monthly income goes toward debt expenses. ![]() But lenders can raise their own requirements. Most conventional loans are backed by mortgage companies Fannie Mae and Freddie Mac.įannie Mae says that conventional loans typically require a minimum credit score of 620.
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