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Does anyone know what the current minimum credit score and income requirements for Fannie Mae are?

I've been self employed for 3 years, but show loss last year.

2008 AGI was -2,000 ...

2009 AGI will be around 40,000

My husband's middle credit score is 604, so he can't qualify for FHA, meaning his income can't be included.

My middle credit score is 674, so I'm fine on that aspect, but if Fannie Mae averages two years like FHA does, I will only have income of around $20,000.

I only need to qualify for $80,000... but I'm thinking that the $20,000 would still be a little low for qualifying on my own.

Thanks in advance for the input.

jveenstra · Posted: Tue Jan 26, 2010 7:59 am Post subject: Qualifying

Fannie Mae and Freddie Mac both qualify self employed same as FHA, the last two years tax returns are averaged.
Most recent year should be more net income than previous year.
Minimum credit score for Fannie Mae and Freddie Mac is 620 and while FHA has no minimum credit score, most lenders apply their own minimu of 620. It may be possible to find a lender who does FHA mortgages below a 620 credit score. I do not know who that may be.

With an income of $20,000 you may be able to qualify on your own if you have no other debts besides the mortgage. It would be close.

gmakerley · Posted: Tue Jan 26, 2010 8:49 am Post subject:

my suggestion is to seek out an fha lender who'll be willing to work with your husband's 604 score, as that will allow his income to be added to yours in qualifying.

Guest

John,
Thank you for your reply. I haven't been able to find a lender willing to work with my husband's current score, so I'm going to have to rely on my income alone.
There is definitely an increase in Net income from 2008 to 2009.

Yes, the only debt I have currently have outside of my rent/utilities is a $40/month medical credit card (Care Credit).

Honestly, my current rent is higher than what my total mortgage payment with taxes & insurance and everything included. I'm paying $975 per month currently & the high estimates for most houses that I have considered is closer to $800.

Thank you for your time.

Guest

John ... quick question ...

Can it be taken into consideration somehow that I was also going to school full time in 2008?
I am still a full time student, but have learned how to better manage my school & work schedule.
In 2008 being a student definitely affected my earnings.
Just wondering if that could help me in some way?
Thanks

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Fannie Mae credit/income requirements?