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What kind of credit score do u have to have to buy a $125 000 house

by michael.hirschill86 from Marshville, North Carolina. Jul 22nd 2015 Reply


Michelle L. Shortsleeve-Garcia (mlshortsleevegarcia)
#4 ranked lender in North Carolina - 4 contributions

600 on VA, 620 FHA, 640 Down Payment Assistance/USDA. Call me for more information Michelle L Shortsleeve-Garcia 910-476-2012 www.michellelshortsleevegarcia.com

Jul 22nd 2015
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Heather Livingston (Paintbrush5459)
#38 ranked lender in South Carolina - 18 contributions

Depends on program. SC housing now allows 620.

Jul 22nd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Lender requirements vary from lender to lender, and it also takes much more than a credit score to purchase a home.. the score is just one thing out of a hundred that is considered when determining one's eligibility.. but in general.. There are FHA lenders who will go as low as 580, while others require 600 or 620.. for Conventional financing, 660 or above, and for VA (must have VA benefits available to you), 600 seems to be what most lenders want to see.. If you want to know for sure, then the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 22nd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

Generally speaking... while you may hear lower scores possible, you should have at least a 620 for many loans, and realistically strive for over 640. I always suggest working on improving credit before bothering to try to get a mortgage loan if your score is below 640. Generally if your score is below 640, there are other things on your report that will get you denied, as SCORE ALONE does NOT make for a loan approval.

Jul 23rd 2015
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