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jmarstella

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what type of credit score is needed to get a home loan

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FICO score of 620

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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.

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FDHA LOAN 580

You need at leasr 580 score to qualify for FDHA loan for first time buyers. I am going through it right now. Living in Silicon Valley it seems cheaper to buy than rent. They have other ptograms that can help with down payment and some offer no money down too.

Reply by
Cwilson73

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FDA Loan, spell check changed it, sorry! Your Reply

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FICO SCORE

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How can i find my FICO SCORE

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