Credit Score in 30809>Question Details

M8jtaylor, Home Buyer in 30809

What does my credit score have to be to get a home loan?

Asked by M8jtaylor, 30809 Tue May 10, 2011

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Wells Fargo can go as low as a 600 score and you will not have to pay additional down payment money. There are programs available that you can go lower than that but will cost you slightly more down payment money (money out of pocket at closing). If you are lower than a 600, most lenders have programs available that allows them to recommend to you what things you can do to increase your credit scores. Once you do that they can submit you for a rapid rescore which will allow them to get your score increased extremely quickly (ususally less than 5 days) I'd love to help you with your home purchase and assist in getting you connected with some local lenders here in our area! Please feel free to contact me!
0 votes Thank Flag Link Fri Aug 12, 2011
It has everything to do as there are minimunm scores to get most mortgages and will decide your interest rate, the worse teh score the higher the rate. your first step should be to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortage programs that you may quailify for. This will tell you what price range you can afford , what your payments will be, your down payment that will be needed, your interest rate and what your closing costs will be.…

Please see my blog for a complete things of what you will need to get started and filled with tips and advice on getting a mortgage in todays market.
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0 votes Thank Flag Link Tue May 10, 2011
You can sometimes get a loan with a score as low as 560-580. Those are FHA backed loans and require a 3.5% down payment at least. If you are worried about your credit score, the best thing you can do is talk to a local lender. They will be best able to tell you what you qualify for right now and if there ARE issues, they can tell you how to fix them sometimes quite quickly.
0 votes Thank Flag Link Tue May 10, 2011
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