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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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Trying to get a Loan but..

Helpful to 7 out of 9 people

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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Helpful to 9 out of 14 people

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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27 People Helped

Credit scores needed for a va loan

Helpful to 27 out of 38 people

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 37 out of 38 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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Helpful to 39 out of 45 people

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

Helpful to 35 out of 37 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

Reply by
BellonaBashem

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Helpful to 3 out of 4 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

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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Helpful to 9 out of 11 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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