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What is the credit score necessary to get a mortgage

by charlenehadley444 from Mount Ephraim, New Jersey. Aug 23rd 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

FHA has no minimum credit score requirement, however if your score is below 580, you need at least 10% down. Keep in mind that FHA does not lend money, they only insure loans against default.. the lenders, or those with the $$$, will often times have their own rules above and beyond FHA... it's these "Overlays" that have minimum credit score requirements.. understand that the lower your score, the stricter these overlays will be and the tougher it will be to get approved.. but understand this.. it take much more than a credit score to get approved.. if you have had a foreclosure, short sale, BK, tax liens, unpaid student loans, etc.. even if your score was 750 and you had some of these credit deficiencies, you could still be denied.. Also, your job, income, type of income, assets, etc.. will also be analyzed, and must past underwriting.. the only way for you to know for sure if you can be approved or not is to apply.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 23rd 2013
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Joshua Nawrot (jnawro_497_179)
#52 ranked lender in Michigan - 10 contributions

For most lenders it is 640. Be careful of some of the "under 640" lenders as there can be substantial cost and increases to your interest rate. In most cases it is best to work on your credit score to get it higher and then apply. We have a great tool called a credit score analyzer that could help point you in the right direction. Have a great day! Joshua Nawrot. Vice President. Northern Mortgage Services, Inc. #160116. 616-581-0540. JNawrot@NorthernMTG.com.

Aug 23rd 2013
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Hi Charlene. Thanks for the question. The minimum credit score that I would require for a mortgage is 600. You may find others willing to go lower, of course your rate will be higher the lower your score is. If your score happens to fall below 600, it might be possible to get your score up with some payments on your existing debt. We offer this service for free. I am a direct lender here in Westfield, reach out anytime at 908-303-1367. Enjoy your weekend!

Aug 23rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

There may be some lenders out there that can use a 540 credit score or better. At a 540 credit to a 579 you will be required to put at least 10% down. If you have a 580 or better you can put as little as 3.5% down and the loan process is usually a lot easier than sub 580. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Aug 23rd 2013
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Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

Some lenders will accept credit scores as low as 540. However, the lower your credit score is, they higher you interest rate will be. In order to get the best interest possible, you want to aim to have a credit score of 740 or higher.

Aug 23rd 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

580 my friend. That's if you have a good BROKER. Give me a call. Andrew

Aug 23rd 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

There are some lenders that will go as low as 540, but as the others have stated the lower credit score, the lower the LTV and the higher the interest rate.

Aug 23rd 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Credit score minimum 580, 620 is much better.

Aug 23rd 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Ah......... If you have to ask that question........................something tells me you wont qualify ................................ha ha.....................

Aug 23rd 2013
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