You can make a down payment as low as 3%, and the loan has flexible credit requirements. — CHOICERenovation. This program lets you finance your home purchase and renovation costs in a single closing transaction. [ Read: Best Mortgage Lenders ] Who Qualifies for Fannie Mae and Freddie Mac? Fannie Mae and Freddie Mac each have their own eligibility requirements for mortgage approval. — Down payment. A minimum down payment of 3% is required. — Credit score. Both Fannie Mae and Freddie Mac require a minimum credit score of 620 for fixed-rate mortgages. However, you may need a higher credit score for certain loan programs or to obtain better interest rates. — Debt-to-income ratio. A DTI below 36% puts you in the best position for approval, though exceptions may be made for certain borrowers. — Income requirements. You must be able to show that you have a stable income and are able to repay the loan. You may also need to show that you have a cash reserve of two to six months available.