Minimum Credit Score Requirements
Fannie Mae's minimum credit score requirements are published in the Eligibility Matrix and are based on the representative credit score for the transaction and the highest of the LTV, CLTV, or HCLTV ratios, as applicable. See B3-5.1-02, Determining the Representative Credit Score for a Mortgage Loan for additional information.
The following requirements apply:
|Transaction Type||Minimum Representative Credit Score|
|Manually underwritten mortgage loans||
Per the Eligibility Matrix, but in no case will credit scores be lower than
620 — fixed-rate loans
640 — ARMs
|DU loan casefiles||
DU performs its own analysis of the credit report data, but in no case will credit scores be lower than
620 — fixed-rate loans and ARMs
|Mortgage loans insured or guaranteed by a federal government agency (HUD, FHA, VA, and RD)||620|
|Loans delivered pursuant to any variance contained in the Lender Contract||Higher of 620 or the minimum credit score required by the variance|
Exceptions to the Minimum Credit Score Requirement
Certain transactions are not subject to the minimum credit score requirement, including:
- loans where no borrower has a credit score (see Section B3–5.4, Nontraditional Credit History);
- manually underwritten HomeReady mortgage loans that include a borrower with a low credit score (see B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements); and
- high LTV refinance loans, except for those loans underwritten using the Alternative Qualification Path.
For additional information, see B3-5.1-01, General Requirements for Credit Scores.