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What should my credit score be to purchase a $150,000 home?

by debsnjules07921 from , . Jul 14th 2013 Reply


Suzanne"Suzi" Boyle (suziboyle)
#0 ranked lender in Idaho - 405 contributions

Deb, It depends on which program..The range is from a low of 580 to a high of 740 required for different programs..If you can call me at 208-321-4305 for a few minutes, we can narrow down which program is the best for your unique needs....Thank you Suzi

Jul 14th 2013
Call: (208) 957-7300       Send a Message    Website
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

the best would be to get up to 740

Jul 15th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

Having a good credit score is just part of the approval process.. I've had borrowers with 760 credit scores not get approved.. so it's best to sit down with a local mortgage broker and let them look at your complete profile scenario... That being said.. 740 or higher is best, but there are lenders who will lend to borrowers with scores in the low to mid 500's.. every scenario is different and borrowers will extremely low scores will be scrutinized much more than someone with a higher scores. The only way to know for sure if you will be approved 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

Jul 15th 2013
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Adrielle Edwards (AdrielleEdwards)
#909 ranked lender in California - 96 contributions

For the best possible rate you will want a score of 740 or above. However, you can still get a loan with much lower scores. Contact a local mortgage banker to go over your entire scenario to see if you qualify with your income, etc....

Jul 15th 2013
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Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 538 contributions

If you are reverse mortgage eligible age which is over 62 years old, your credit score is not part of the approval process. One can acquire a new permanent residence by using a reverse mortgage purchase.

Jul 15th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

To gain access to the best available rates your middle credit score needs to be in the high 700's. The higher the better, but you can qualify for a conventional loan without to many overlays with as low as a 620 middle credit score. If you have below that then your only option would be a government loan , either FHA which goes down to a 580 or VA which goes down to a 600. Some lenders may even go below 580 for FHA but typically the overlays and cost are prohibitive.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!

Jul 15th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

You get the best rates with a 740 or higher score... but you can also purchase with much lower score too. Contact a local mortgage broker in your area for more assistance and information.

Jul 15th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

680 is a good target.

Jul 15th 2013
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Jason Vondrak (jvondrak)
#222 ranked lender in California - 1,741 contributions

In order to get the best interest rate possible you will need a credit score of at least 740 or higher. However, you can often qualify for a loan with a credit score as low as 580.

Jul 15th 2013
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Yoni Rappaport (YoniRappaport)
#103 ranked lender in New York - 13 contributions

The best credit score to get is 740+, however with FHA you can go as low as 580 though most bank would still want a min of 620 or 640 for an FHA loan. Beyond a 740 then the rates wont change.

Jul 15th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

The best credit score to get is 740

Jul 15th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

the best would be to get up to 740

Jul 15th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

To get the best possible rate you need at least 740. However, with some lenders it is possible a 580 score. Check your local market to see what your area will require.

Jul 15th 2013
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Eric Vander Werff (Loanguy99201)
#87 ranked lender in Washington - 27 contributions

You will need a 620 score and 20% down to do a conventional Fannie/Freddie purchase loan. You will need a 640 and 3.5% down for FHA and a 640 for a VA loan.

Jul 15th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

Having a good credit score is just part of the approval process.. I've had borrowers with 760 credit scores not get approved.. so it's best to sit down with a local mortgage broker and let them look at your complete profile scenario... That being said.. 740 or higher is best, but there are lenders who will lend to borrowers with scores in the low to mid 500's.. every scenario is different and borrowers will extremely low scores will be scrutinized much more than someone with a higher scores. The only way to know for sure if you will be approved 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

Jul 15th 2013
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Adrielle Edwards (AdrielleEdwards)
#909 ranked lender in California - 96 contributions

For the best possible rate you will want a score of 740 or above. However, you can still get a loan with much lower scores. Contact a local mortgage banker to go over your entire scenario to see if you qualify with your income, etc....

Jul 15th 2013
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Sarah N. Montes (TXPRIDE)
#183 ranked lender in Texas - 18 contributions

620 IS THE MINIMUM TO GET A LOAN. 680-700 IS AVERAGE...

Oct 10th 2013
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