What credit score do I realistically need to even qualify for a home loan?
I am not talking about a great interest rate loan, but just baseline, what credit score do I need to qualify for a loan at all? Due to some student loan troubles over the last 12 months, my credit score plummetted into the 500s (from around 700), but I make 6 figures with minimal debt so I’m wondering where I need my credit score to be before I can even consider a mortgage.
You need a FICO score of at least 620 to even be considered for an FHA loan. Conventional loans want a score of at least 720 – 740, plus 20% down and closing costs.
The negative student loan problems could be enough to keep you from getting approved even IF you had a score in the high 700s. You may have to wait till you have 24 months of consistent, on time payments showing on the student loans.
February, 14th 2010 at 8:35 pm
Usually you need a minimum FICO of 620. Some lending programs may work if you pay several percentage points for the loan.
This rate sheet shows you would have to pay 3 points http://www.cashcallmortgage.com/RatesPDF.aspx
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February, 14th 2010 at 9:17 pm
You probably need to get your score in the 600’s, but if you can have a healthy down payment that definately helps as you won’t be trying to obtain as large of a mortgage
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February, 14th 2010 at 9:50 pm
You need a FICO score of at least 620 to even be considered for an FHA loan. Conventional loans want a score of at least 720 – 740, plus 20% down and closing costs.
The negative student loan problems could be enough to keep you from getting approved even IF you had a score in the high 700s. You may have to wait till you have 24 months of consistent, on time payments showing on the student loans.
References :
BD
February, 14th 2010 at 10:33 pm
620 or higher for an FHA loan. I recommend going to a bank and sitting down with someone there to pull your credit and have them give you an idea of exactly what you need and what time frame you could have it done in. Good luck!
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February, 14th 2010 at 10:51 pm
Depending on the actual cost of the home, you could get an FHA. That is 3 percent down, and a good interest rate. If you are on top of your debts, and making all payments on time, then you are good to go.
On average you need to be above a 600, and for a conventional 680 with a good rate. But with an FHA. Your score does not even play a factor in your loan.
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February, 14th 2010 at 11:39 pm
You are required to have a FICO score of at least 620. Basically, the percentage will affect how the loan qualification will go.
References :
http://www.questhomeloans.com.au/