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what kind of credit score should i have for an investment purchase?

i'd like to buy a duplex and rent out each side and am concerned a 703 fico score won't do it for me. by reynolds.md98098128 from Wellesley, Massachusetts. May 6th 2014 Reply


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

Lenders look at all 3 major bureaus and use the MID score of all 3.. 703 is in the acceptable range... 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

May 6th 2014
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Edward Fallon (edfallon)
#90 ranked lender in Pennsylvania - 143 contributions

a 703 FICO score will not disqualify you from buying a duplex and renting out both sides. There's a lot more things a lender will look at but you don't need to worry about the Fico.

May 6th 2014
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Ronald Milton (RonaldMilton)
#35 ranked lender in Massachusetts - 16 contributions

I can help you with that score. If your score were higher, you would be eligible for better rates but 703 is plenty high enough to purchase an investment multi family.

May 6th 2014
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Jarred Minieri (jarredminieri)
#11 ranked lender in Rhode Island - 20 contributions

A 703 should be perfectly fine for that scenario. I am a local lender here in Seekonk MA and as a property investor myself, I particularly specialize in Investment Property loans. If you'd like some more info and to chat, feel free to give me a ring @ (866) 640-5513 or email: jarred@betterfinancing.netThanks, Jarred.

May 6th 2014
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Louis Jeffries (LouisJ)
#11 ranked lender in Illinois - 57 contributions

When you apply for a mortgage on an investment property a 703 credit score would not disqualify you unless you have 4 or more properties financed. If you are seeking to invest in more than four properties you want to keep your credit score above 720. When you are at 703 you can usually increase your score by a few points by reducing the balances on your existing credit cards. You do not want to close any accounts just reduce the balances. You may also check if there are inquiries on your credit report. If there are unapproved inquiries there these may be removed to improve your score a few points as well.

May 13th 2014
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