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What does my credit score have to be now to get approved for a rental property.

FICO is 608. Looking in Las Vegas/Henderson Areas. Thanks! by ana.resendiz389 from Yuma, Arizona. May 7th 2020 Reply

David R Youngs - Branch Manager & Mortgage Advisor (DavidRYoungs)
#64 ranked lender in Minnesota - 87 contributions

Every lender is going to have different score requirements, especially with the current economic situation. For a Conventional loan through Fannie Mae or Freddie Mac, the minimum credit score is technically 620. However to actually get approved and obtain interest rate pricing that will pass the governments "QM" (qualified mortgage) test for what they consider to be too high in cost - you will likely need your scores to be over 680 or 700 at a minimum. If you are trying to purchase sooner and aren't able to wait until your scores increase this much, you may be able to find a lender who offers "Non-QM" financing, who will work with lower scores like yours. However these will usually be in the 6-10% interest rate ranges and will still require a minimum 20% down (most requiring 25-35% down). Ideally you will want to get the credit up over 740 to obtain best-priced Conventional financing. If you can afford it though, the Non-QM option may be what you need to buy sooner. To access this type of financing, you'll want to search for a licensed BROKER in your state that has Non-QM wholesale lender partners. Although I'm not licensed in your state, feel free to call or text me at 651-497-6770 or email me at if you would like further information. Thanks for your question!

May 9th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

As I answer this, we are in the middle of the COVID19 pandemic. The pandemic has caused serious issues to the mortgage industry, forcing many changes, primarily to the more risky loans. Rather than attempt to answer a score question, I would simply tell you to reach out to a local mortgage lender, give then a full application, and then can tell you if you qualify. But basically from a credit stand point, if you have OK or better credit, your odds are pretty good. I lend in MN IA WI SD ND. Find me at NMLS 274132

May 12th 2020
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