Forgotten Your Password?

Need to Register?

Question Icon

What Credit Score is Needed for a HomePath Loan?

What Credit Score is Needed for a HomePath Loan? by jamesk_826_978 from Portland, Oregon. Feb 10th 2012 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,016 contributions

Most investors today require a 660 mid score as the minimum for qualifying for a Homepath loan. If your score is below this, you may want to consider FHA. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 10th 2012
1
0
Mitch Poitevint: MLO-283198 (mitch.poitevintMLO283198)
#26 ranked lender in Oregon - 8 contributions

660

Feb 10th 2012
0
0
Mitch Poitevint: MLO-283198 (mitch.poitevintMLO283198)
#26 ranked lender in Oregon - 8 contributions

660Mitch PoitevintSr Mortgage BankerPacific Residential Mortgage, Inc.541-944-8668Feel free to call if you have more questions

Feb 10th 2012
0
0
Mark Gonzales (mgonza_248_701)
#562 ranked lender in California - 6 contributions

Ideally your credit scores should be between 640 and 660, but with homepath your credit scores could 580 or better. There are lenders that will take this score, but they will have restrictions for approving them. I can answer whatever questions you have if you call me at 909.222.3858 or email me at mgonzales@mhmb.com.

Feb 10th 2012
0
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

660 is the minimum, but you're not locked into homepath financing even on homepath homes... FHA with some lenders can go down to 500 credit scores (10% down if score is below 580). Best advice I can give you is to contact a local mortgage broker, not a bank, and apply with them.. they can look at your complete profile and find the lender to match your particular scenario... WilliamAcres.com

Feb 10th 2012
0
0

Have you looked into a 203K streamline?

Feb 10th 2012
0
0
Subscribe to our news feed.