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Question By
Horse33

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What does my credit score need to be to purchase a home?

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Minimum Credit Score Requirements

Helpful to 33 out of 34 people

Hello,

All lenders are different and have their own threshold for risk. Here is a general rule of thumb for my company as a Direct Mortgage Banker:

1.) FHA - 550 across the board on most products (excluding down payment assistance programs which usually require a 620) for minimum down payment of 3.5%. Down to 500 with 10% down.

2.) VA - 550 accross the board on all VA loan except DPA's. Down 500 middle credit score case by case.

3.) USDA - 580 for a manually underwritten loan.

4.) Conventional - 620-640 depending on the AUS (automated underwriting system) Findings

5.) Portfolio / NonQM - Most programs require at least a 500 middle credit score. These types of loans have higher rates and fees, but easier qualfying after a major credit event i.e. bankrutcpy, short sale, foreclosure, etc.

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 6 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

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Reply by
Jensetter04

453 Contributions
39 People Helped
Helpful to 0 out of 2 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at sgiacalone03@ g m a i l . c o m, He’s name is Steve Giacalone… You will be glad you did

8 Contributions
23 People Helped

Helpful to 12 out of 12 people

If you are receiving and large amount for the down payment ( gift from parents, etc). Do it 90 days before applying. Banks will " "source" ( want an explanation) where it came from in the past 60 days. Get ahead of time and let it "season". Save you a lot of head aches.

Top Contributor
194 Contributions
21 People Helped
Helpful to 1 out of 6 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

Top Contributor
82 Contributions
428 People Helped

FICO Score of 620

Helpful to 98 out of 112 people

Generally speaking, mortgage lenders will require a minimum FICO score of 620 to be considered for a loan.  Keep in mind that that you will have 3 different FICO scores, one from each of the major reporting bureaus (TransUnion, Experian, and Equifax).  The lender likely uses only one of them to pull your score. 

Credit Karma does not provide you with a FICO score, they provide you with a TransUnion calculated score (along with Vantage and insurance scores).  The score provided by Credit Karma is a good barometer of how healthy your credit is, but that score will not match the FICO scoring.

As a rule of thumb, I have found that the Credit Karma scoring is a little bit more optimistic compared to FICO scores.

Reply by
Adanvjr

2 Contributions
146 People Helped
Helpful to 143 out of 196 people

Hi, I'm going to finish my apartment lease in about 7 months.

I really want to buy a house in the same neighborhood (its a nice neighborhood).

But I dont want to risk getting a loan with bad interest rates.  

What's a good FICO score to have to get a good loan?

My CK score is currently at 649.  I'm currently looking to see if I can get my FICO score.

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 4 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

2 Contributions
23 People Helped

seeking mortgage for my rental home

Helpful to 23 out of 31 people

Renting same house for 4 years, owner wants to sell it to me for HALF its value. (Actual value, not assumed value:)
I have a 665 credit score (lowest of all 3), NO monthly payments of ANY kind (no car loans, zippo, nothing). I paid off my student loans in full almost 2 years ago but was default numerous times due to a brutal assault which left me paralyzed and on social security. My 26yo adult, autistic daughter resides with me and gets SSI.....our total combined income is around $2600 a month. Because I was approved within 2 weeks of soc security application I never received any back pay or lump sum (although I did lose my life savings recovering).

Anyway, I'm trying to build up my credit after student loan fiasco.
I only have one 'account' which is a credit card with a $600 month limit. I've paid it in full & on time every month for 17 months

Is it even possible to pull this off?

Oh, I only have $2500 for the payment.....

Will prior rental history/payments mean anything.... should I just let this go until Im in a better situation? (Landlord is selling no matter what)....

BTW, mortgage will be for $38,000.... total

Reply by
NewMrsBoyle

1 Contribution
8 People Helped
Helpful to 8 out of 12 people

There are many factors here. Have you owned a home in the past? Is the area which you are currently renting eligible for USDA loan? USDA loan can be approved with a minimum of 620 (but usually 640+ is preferred) with NO down payment. FHA loan has the same credit guidelines, but would require 3.5% of down payment - which it seems you have with such a low loan amount.

It seems strange that the seller is willing to sell the home at such a low amount. It seems you would be eligible for a home loan, but you may want to talk to a realtor/loan officer to confirm if the property is even eligible.

Reply by
tryingfor750

8 Contributions
9 People Helped
Helpful to 1 out of 1 people

If you are unable to secure a conventional loan, since you have a credit history with your land lord, See if he would be willing to do owner finance.

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 3 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

Top Contributor

Reply by
Jensetter04

453 Contributions
39 People Helped

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at sgiacalone03@ g m a i l . c o m, He’s name is Steve Giacalone… You will be glad you didEnter Your Reply

1 Contribution
3 People Helped

morgaget home

Helpful to 3 out of 3 people

Bronx NY

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 4 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

1 Contribution
15 People Helped

mortgage

Helpful to 15 out of 24 people

i just have a auto loan. how long do i have to wait to applied  for a mortgage  or can i applied for a mortgage now? what score do i need to have for mortgage? and what score is important for a mortgage? fico or regular score?   thanks for help.

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 2 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

1 Contribution
3 People Helped

Helpful to 3 out of 5 people

need to known if my score ok to get a house

Reply by
Buyer19

2 Contributions
10 People Helped
Helpful to 8 out of 13 people

Yes this is correct, but they will not tell you that most Mortage Companies use a Vintage 2, 4, or 5 to qualify you.  Most of the time on Karma Credit this is what it is showing you.  It is usally a low score not compared because the Mortage comany is not using the model most likely to be used to buy a home.  So you can think your score is hight due to seeing a FICA score of  675 becasue it is using a Vintage model 7, 8, or 9.  This is only for car loans and misc items.  But again all and most mortage companies use a vintage model 2, 4, 5.  So you real score to buy a house is not shown to u until they run a credit check which usally takes points from you because they ran your credit. And you was not ready due to the vintage model used which is not for buying a home..  It is a game they play.

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 2 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.  

2 Contributions
74 People Helped

How does one purchase a condo/649 credit

Helpful to 10 out of 17 people

Losing home and being displaced due to only having part time job after losing full time job /May 2014 /havent been able to get a full time job since-back injury from last full time job of almost 10 years as well as prior FMLA issues/back injury escalated FMLA issues. Would love to purchse a first floor condo due to back injury/FMLA issues.Mortgage company will not work with me.Has attorney on house/house up for short sale with my real estate agent. Presently have no $ to put down on a condo.Apply for full time jobs daily.How long will I have to wait to purchase a condo so I have somewhere to live/how much higher will my credit score need to be?

Top Contributor

Reply by
caligeekgrrl

16 Contributions
258 People Helped
Helpful to 6 out of 13 people

Sorry to hear about your injury and your loss. Have you gotten any workman comp for your back injury? Or maybe you could be eligible for Social Security Disability compensation. How long?... There are too many variables to guess. Probably best to find a studio or 1-bedroom apartment to rent, but stuff that can't fit into a storage unit, and just keep saving, building credit, and hope you can get more for the house than you owed. Selling a house can be a timely process, so finding a cheap place to rent may be your best option until you're back on full-time and your credit has recovered from having to sell your house.

Top Contributor
194 Contributions
21 People Helped

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.

Top Contributor

Reply by
Jensetter04

453 Contributions
39 People Helped

I want to say a Big thank you Lord for all he has done in my life. I know it wont sound great talking about religion on here but i truly believe God led me though to find Charles who helped me out of my delicate situations. It hasn't been easy all my life with a low credit score since 2012. I had been scammed by two other credit repair companies before One called CRS and the other called Lexington Law. I had an issue and my FICO Credit Scores went from 635 to 450 in 2 months because of 2 fake hackers I paid to take care of my Credit as both promised me 780+ Scores in a week time. I spent money and nothing but headaches and bad Credit was the result. Until i met Mr Charles a very gentleman of over fifty years of age, a devoted father. He helped me out honestly and I know God must have used him to me. because we weren't suppose to talk religion but after a while we were talking about how we were both Christians and that God doesn't want anyone to suffer. He mentioned his church and actually opened up about how he had to have faith and work with Trust-hacker over his credit report. I explained how i have to move out of my place, with tears on my face I could tell he really cared because he consoled me. He told me he wont make promises but he will work as hard as possible to help me. later on he introduce to me a reliable credit repair company name Charles0Repair i work with him with possible ability of mine then within 5days my credit report had already been an impressive one. My mortgage counselor was Felicia she was amazing. Very sweet. She told me I qualified fairly quickly because I was very active in gathering the documents they needed. I just want to say to anyone out there who might read this and feel unsure about if they will help. THEY WILL! Look, Charles has been operation for 12 years now. i get to know more about them, they got to make sure their clients will be committed and serious to finish the entire program because their reputation is based on their success rate.. I'm thankful to Charles and that’s why i’m here sharing the good news right here. you should mail at sgiacalone03 @ gmail . com. you really gonna enjoy this offer leaking out. Y’all can thank me later.

1 Contribution
0 People Helped

Buying a home

do you know if you can buy a home cash? Is there any rule that says we shouldn’t?

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 2 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.

2 Contributions
10 People Helped

The difference between Vintages

Helpful to 2 out of 5 people

Yes this is correct, but they will not tell you that most Mortage Companies use a Vintage 2, 4, or 5 to qualify you.  Most of the time on Karma Credit this is what it is showing you.  It is usally a low score not compared because the Mortage comany is not using the model most likely to be used to buy a home.  So you can think your score is hight due to seeing a FICA score of  675 becasue it is using a Vintage model 7, 8, or 9.  This is only for car loans and misc items.  But again all and most mortage companies use a vintage model 2, 4, 5.  So you real score to buy a house is not shown to u until they run a credit check which usally takes points from you because they ran your credit. And you was not ready due to the vintage model used which is not for buying a home..  It is a game they play.

Reply by
dalilah2013

1 Contribution
2 People Helped
Helpful to 2 out of 3 people

So does this mean that the credit score shown by credit karma is higher than the score a bank will find when running you credit for a home loan? Or is it lower than what they see?

Top Contributor
194 Contributions
21 People Helped
Helpful to 0 out of 2 people

IMPROVE YOUR CREDIT SCORE
Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at  besthacker0509 @ gmail . com  He's affordable and always at your service.

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