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Types of Loans and Credit Score Requirements


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"Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage. For more details call us at 480-351-5904 or visit our site

The views expressed here are those of the individual author and do not necessarily represent those of First Choice Bank (NMLS #: 177877) and First Choice Loan Services Inc. (NMLS #: 210764), 7600 E. Doubletree Ranch Road, Scottsdale AZ 85258. Equal Housing Lender.

7600 E. Doubletree Ranch Road #200
Scottsdale, AZ 85258
Phone: (480) 351-5904

Published in: Economy & Finance
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Types of Loans and Credit Score Requirements

  1. 1. At some point in your life, you will probably need to take out a loan. There are many different types of loans available to consumers that suit a variety of purposes.
  2. 2. You want to purchase a new home or vehicle You need student loans to pay for college You simply need a personal loan for any number of reasons
  3. 3. To be able to successfully take out a loan, you need to know the credit score requirements.
  4. 4. Some loans CANNOT be taken out if your credit score is below a certain number. Here are a few types of loans and their credit score requirements.
  6. 6. There are a variety of mortgage loans available in the United States. Each has its own set of criteria regarding minimum credit scores required for qualifying.
  7. 7. Here are the various mortgage loans and credit score requirements for each.
  8. 8. FHA LOAN FHA loans are those insured by the Federal Housing Association. These loans allow you to either purchase a new home or refinance the mortgage you already have on your current home.
  9. 9. One of the most attractive aspects of an FHA loan is that they are geared toward consumers who have low incomes and who might not qualify for other types of mortgages.
  10. 10. With an FHA loan, you can make low down payments toward your new home. In addition, if the borrower defaults on this type of loan, the lender is protected against the loss by FHA insurance.
  11. 11. To qualify for this type of loan, a consumer must have a minimum credit score of 580.
  12. 12. However, individuals whose credit score ranges from 500 to 579 still may be able to get FHA financing.
  13. 13. VA MORTGAGE LOAN A mortgage loans are available to members of the military service and veterans, as well as their families.
  14. 14. They are a great option for purchasing a new home or financing the value of a home the borrower already owns. This is because no down-payment is required.
  15. 15. There also is no need for mortgage insurance. Additionally, with this type of loan, it is possible to finance over 80% of a home’s value or buying price.
  16. 16. To be eligible for aVA mortgage loan, the borrower must have a credit score of at least 620.
  17. 17. However, if you work with aVA loan specialist, you may be able to get a loan even if your credit score is lower.
  18. 18. USDA LOAN USDA loans are insured by the United States Department of Agriculture
  19. 19. They are likeVA mortgage loans because there are no down-payment requirements. These loans are appropriate for people who want to buy a home in a rural area.
  20. 20. To qualify for this type of mortgage loan, the borrower must have a minimum credit score of 640…
  21. 21. … if the individual is also applying for the NCHFA Mortgage Credit Certificate or mortgage tax credit.
  22. 22. MORTGAGES FROM PRIVATE LENDERS If the consumer considers private lenders such as Fannie Mae or Freddie Mac, they must have a credit score of at least 620 to qualify.
  23. 23. These are the different types of home loans available throughout the U.S. Be sure to keep minimum credit score requirements in mind when considering one of these loans.
  24. 24. It’s also wise to know all the terms of each type of loan to ensure you take out the one most appropriate for you.
  25. 25. Mortgage Originator JimmyVercellino, specializing inVA loans, helps veterans use theirVA loan benefit to their greatest advantage.
  26. 26. Be a proud homeowner today. For more details call 480-351-5904 or visit the site
  27. 27. VA Loans forVets 7600 E. Doubletree Ranch Road #200 Scottsdale,AZ 85258 Phone: (480) 351-5904 Email: