The lowest credit score needed to buy a Florida home or FHA refinance in Florida is a 530. New lending requirements for both FHA and VA now require a minimum credit score of 530.

FHA-requires a minimum score of 530

  • VA-requires a minimum score of 530
  • USDA-requires a minimum score of 620
  • PORTFOLIO- requires a minimum score of 500
  • FANNIE MAE- requires a minimum score of 620
    • FREDDIE MAC-requires a minimum score of 620
  • Hard Money- has no minimum credit score requirement.


 FHA- allows Florida mortgage applicants with scores above 580 to make a 3.5% down payment and up to 6% seller concession to purchase a Florida home. Reserves may be required for borrowers with scores below 640.


BAD CREDIT FHA- If you are looking for a bad credit Florida mortgage and have FICO scores below 580 new FHA changes require a 10% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed. Reserves may be required for borrowers with scores below 620.Florida homeowners with a credit score above 580 can FHA refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a FICO score above 580.If you have score below 580 new FHA changes require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% loan to value for cash out refinance with FICO score below 580.


VA– Allows veterans to buy a Florida home with no money down with a minimum score of 530. VA guidelines allow a veteran buy a home using their own funds, gift funds and up to 4% seller concession to cover the closing cost.


Fannie Mae and Freddie Mac- mostly require a minimum score of 620. However, most borrowers find that it becomes cost prohibitive with scores below 680. Florida mortgage applicants with higher credit scores are more likely to qualify for a conforming loan with a higher loan-to-value.


HARPAllows Florida homeowners take advantage of current market rates even if you are underwater with a minimum score of 620. Take advantage of the Home Affordable Refinance Program and lower your Florida mortgage monthly payment or term using the Fannie Mae streamline process.

USDA- These loans require a middle credit score of at least 620. The Florida home to be purchased must be located in an eligible rural area as defined by the USDA. Income eligibility for the USDA Rural Development home loan program are derived from calculating 115% of the counties median income.


Portfolio- These Florida mortgage loans that do not conform to Fannie Mae or Freddie Mac lending guidelines. Jumbo loans are portfolio loans and require 15% down payment up to 1 million dollar with no mortgage insurance and 20% down payment up to 1.5 million.


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