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Posted in Mortgage
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Question By
netdiversf

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What credit score do I need to qualify for a mortgage?
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Credit scores needed for a mortgage loan

Helpful to 14 out of 15 people

You will need a 580 credit score to get an FHA loan, 580 for VA in certain states. There are conventional loan programs for borrowers with a 620 credit score and 3% down, you just have to find the right lender to work with you. Check out The Lenders Network to get referred to a lender that has bad credit loan programs.

www.thelendersnetwork.com

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Helpful to 4 out of 5 people

FHA may take you with a 640 but the PMI is now out of this world. A 3.5% rate may take the bite out of it. On a $200k loan you have about a $250 monthly PMI.

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Helpful to 6 out of 7 people

In order to qualify for the best rates, the baseline minimum score is 720. However, the mortgage underwriting process takes into account several factors including income, outstanding debt, and amount of liquid assets (think savings accounts and 401K) as well as your credit score. This means that you may still qualify for a mortgage with a lower score. On the flip side, you may be required to have a higher score for certain mortgages and other contribution factors especially in today's economic environment. Speaking with a mortgage professional and going over your particular situation is a good way to know if you qualify for a mortgage.

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Helpful to 2 out of 2 people

That is wonderful. But I too am looking for a morgage my credit score is 583 is there any lender who would approve me right now.

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Helpful to 2 out of 2 people

i have a credit score of only 546 is there any lenders that will work with that to get a home loan

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Reply by
cropchick

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Helpful to 1 out of 1 people

I would try credit unions

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Helpful to 1 out of 1 people

As of right now, the banks are looking at a minimum of 620 for your middle score. Some banks and some programs are now requiring 640. There is also a rumor that FHA loans will require either 660 or 670 here in the near future to even qualify.

Reply by
tsanders26

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Helpful to 4 out of 4 people

Well I just bought a home and I actually only had a 610 score but like this article says they do take in other factors like my work history which i have been with my job for 8 years and i am only 26 so that looks really good

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I just had a repo on a auto how will this effect my getting a home loan credit score is 643

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PMI REFUND?

Helpful to 1 out of 4 people

Now that my mortgage is paid to $70,000 on property CONSERVATIVELY valued at 150,000, am I eligible to apply and GET a refund of pmi I may be paying? If so, how do I go about requesting it?

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