Minimum FICO Score Allowed - by Product Type

I want buyers and mortgage applicants to be able to search our database for important questions. This is one of them, and as requirements change, we will update this page. 

Last Updated 6/22/2017

Minimum FICO	Transaction Type
	Agency
620	DU: Primary Residence Purchase & Refinance Second Home: Purchase & Rate/Term Refinance (without LPMI) Cash Out Refinance DU High Balance ARM Only: Purchase & Refinance Investment Property: Fixed Rate: Purchase (1 Unit, 80% LTV) Purchase (2-4 Units, 75% LTV) Refinance Fixed Rate High Balance: Purchase & Refinance (without LPMI) ARM: Purchase & Refinance LP: Home Possible Purchase & Refinance Primary Residence Purchase & Refinance Second Home: Purchase & Rate/Term Refinance (LP Fixed Only: Must be without LPMI) Cash Out Refinance Investment Property: Purchase & Rate/Term Refinance (1 Unit, 80% LTV) Purchase & Rate/Term Refinance(2-4 Unit, 75% LTV) Cash Out Refinance
720	Second Home with LPMI Purchase Refinance Rate/Term Investment Property Purchase & Refinance (1 Unit, 85% LTV)
	VA
620	Approve/Eligible Purchase & Refinance QL Serviced IRRRL
640	Refer/Eligible Purchase & Refinance Jumbo Purchase & Refinance Non-QL Serviced IRRRL (120% LTV)
700	Non-QL Serviced IRRRL (100% LTV)
	FHA
580	QL Serviced Streamline FICO 580-619 Approve/Eligible Purchase & Refinance
620	Approve/Eligible Purchase & Refinance
640	Refer/Eligible Purchase & Refinance Non-QL Serviced Streamline
	Jumbo
700	Primary Residence Purchase (LTV ≤ 80%) Primary Residence Refinance
720	Second Home Purchase & Refinance
760	Primary Residence Purchase (85% LTV)
	HARP
580	DU Refi Plus: Primary Residence & Second Home (Max 80% LTV) Investment Property (Max 75% LTV)
620	LP Relief & DU Refi Plus: Refinance (Max LTV 95%) High Balance Refinance (Max LTV 95%)
640	LP Relief & DU Refi Plus: Refinance (Max 200% LTV) High Balance Refinance (Max 200% LTV)

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Are Your Bank Statements Keeping You from Getting a Mortgage?

Bank statements are one of the many financial documents you’ll need to provide your mortgage lender when you’re getting approved for a home loan. But not all bank statements are created equal.

Check out this guide to make sure your statements include all of the information your mortgage lender is looking for.

Conventional Loans

This group includes fixed and variable rate mortgages. If this is the type of loan you’re applying for, make sure your bank statements include all pages, even if they’re blank. That way your lender can make sure your statements aren’t missing any transaction history. Your statements will also need to include the following:

• Name of the bank or financial institution
• Account holder’s name
• Account number
• Transaction history
• Starting and ending balances with no large increases
• URL address for online statements

FHA and VA Loans

If you’re applying for an FHA or VA loan, your bank statements must meet the same requirements listed above for conventional loans, and include the following additional information:

• Account holder’s address

Whether you’re applying for an FHA loan, or a 30-year fixed mortgage, making sure your bank statements include all of the necessary information will make your approval process that much easier. Check out these samples below:

Example Bank Statement

Example Online Bank Statement

Are Non Married Applicants Treated Differently Than Married Applicants

Client Question:My loan officer tells me that when he has a married couple apply for a loan, he has them fill out one application and runs one credit report. If he has a non-married couple that has everything commingled (and basically acts married), he treats them like a married couple.

But, if he has two applicants who are economically separate--for example, two brothers--then he has each one fill out individual 1003's and pulls a separate credit report for each, even though they are applying for one loan for one property.

Does this violate Regulation B?



Short answer, yes. The loan officer is treating non-married joint applicants differently than married applicants. Doesn't matter if their credit is "co-mingled" or not.

Also search the threads on joint credit reports. You will find some recent discussion where the FDIC is writing up banks for Reg B violations for pulling and charging two credit reports on non-married applicants vs pulling and charging a joint credit report for married applicants.

It’s Official — People on Yelp Love So EZ Mortgage

Earning the love of our California customers isn’t easy, but promoting our hard-earned award is!

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—The Yelp Team

Be Prepared For Rate Drop 2017

I do not have a crystal ball, however based on my experience, I believe we will see rates fall this summer. The best thing you can do, is prepare yourself so that you can lock in your rate, the same day.