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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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There are 4 basic principles to get a house. 1) debt:income ratio (with estimated mtg payment included) 2) income/job tenure 3) credit score/history 4) Cash for down payment

Its not rocket science. If you meet the requirements for these, the chances of you getting a house is very high. Being broke with a mortgage payment, is still better than being broke renting an apartment.

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Trying to get a Loan but..

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So I've recently paid all the debt. It's been a month but I haven't seen my score go up. I'm trying to apply for a 100k loan, however, i don't want the lender to run my credit since my credit score hasn't gone up. I'm not sure what to do. Can the lender see that I recently paid my debt? Can they still deny me? Should I just wait until my credit goes up and apply? I keep getting different credit scores from all sorts of places so I don't know which one is accurate and which one is not.

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Credit scores needed for a va loan

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I have a score of 654 and I'm looking to buy a home in the $200,000 to $250,000 range. Can I get a loan to cover the cost of the whole house? I have no extra savings I can spend on a down payment %.

Reply by
BellonaBashem

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Helpful to 34 out of 35 people

You need a minimum of 600 to get started to get a prequal letter for VA, 620 to get underwriting to approve and 640 to get a low interest rate

I work as an assistant to a mortgage broker

Reply by
robinson8963

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I just applied for a VA loan.  My Credit Carma score is 678.  The loan officer said i have a 602 by "mortgage standards".  What is the difference and why am I seeing a totally different score from hers?

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Credit scores needed for a mortgage loan

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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

Reply by
BellonaBashem

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You need a minimum of 600 to get started to get a prequal letter for VA, 620 to get underwriting to approve and 640 to get a low interest rate

I work as an assistant to a mortgage broker

No one reputable would approve a person with nothing down with a 580 for a mid score, and to get the best offers the minimum is is 620, FHA THDA is 640

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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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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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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 6 out of 8 people

I would try credit unions

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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.

Reply by
BellonaBashem

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you do not need a 720 for a mortgage

To get the best rates you need at least a 640 and from there the most you may get off the percentage is a quarter of a percent

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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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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 12 out of 12 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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