Credit Score in 90047>Question Details

Jay, Home Buyer in 90047

what credit score is needed to get a home lone?

Asked by Jay, 90047 Mon Sep 19, 2011

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Dorene Slavitz’s answer
Dear Jay,
You want your credit score as high as possible, in order to get the best rates on your mortgage. Over time a high a rate translates into a much higher cost. Work on getting your score up over 700 by reducing debt, consolidating credit payments and paying off all credit cards on time.
0 votes Thank Flag Link Thu Sep 29, 2011
There are lenders that can do FHA loans with a 580 score.. I recommend The Lenders Network they will be able to refer you to a lender willing to work with lower credit scores.

Good Luck.
2 votes Thank Flag Link Thu Sep 12, 2013
I answered this question some time ago and wanted to update that we are now seeing select lenders who are advertising that they have loan products for those with as low as a 550(!) Fico score. That's good news for a certain type of buyer.

Risa Liebster, Realtor®
Ramsey-Shilling Associates
0 votes Thank Flag Link Sat Mar 29, 2014
FHA is as low as 580, but you need to talk with a local lender as they also have additional requirements a lot of times.
0 votes Thank Flag Link Wed Mar 19, 2014
That really depends on which program you qualify for. Speak to a local loan officer who will check your credit and tell you what you're approved for.
Web Reference:
0 votes Thank Flag Link Thu Aug 22, 2013
This is constantly changing. If you haven't moved forward with a home loan, it might be smart to check in again on this question.
All the best,
Jeff Bochsler
Medallion Mortgage
0 votes Thank Flag Link Mon Aug 19, 2013
If you don't have around a 640, you don't know enough about responsible management of money. I know that's not your question, and others have answered it--somewhere in the mid- to high-500s. So go for it and get your home lone. (Yeah, guys and gals, I know.) But there's a big difference between getting a lone and meeting your obligations.
0 votes Thank Flag Link Sun Aug 18, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
I know several lenders that can go down to a 580 credit score for FHA with a few other requirements but I see people at 580 get approved daily... If you need any help email me or visit our site
0 votes Thank Flag Link Sun Aug 18, 2013
You can get a FHA loan with a 560 score with 10% down and with a 580 score only 3.5% down. Also, I highly recommend having a loan officer review your credit report to see what can be done to quickly raise your score. This can make the process much smoother. I would be happy to help.
0 votes Thank Flag Link Mon Jul 29, 2013
Lenders want to see a minimum of a 620. If you would like help getting your credit mortgage ready do not hesitate to contact me.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
0 votes Thank Flag Link Wed May 15, 2013
Hi Jay:

Credit scores alone are not the only thing that lenders look at. They look at your overall financial picture, Credit Scores, any derogatoriness, down payment, cash on hand, income, etc.

I recommend that you start with a mortgage broker and get pre-qualified for a loan or at least give them your financial picture and they will let you know what you will need to do to qualify, if anything.

Good luck and all the best,

0 votes Thank Flag Link Sat Sep 24, 2011
Hello Jay,
Recently, I got a lender stating with 500 fico score with 10% down even with late payments! Besides this, FHA is a great loan nowadays. If you don't have credit established at all, you can use "alternative" credit like utility bills, car insurance installments, cable bill, just to name a few.
Let me know if you need the information of this lender.

(323) 285-8864
Web Reference:
0 votes Thank Flag Link Tue Sep 20, 2011

The credit score that is needed to get a home varies by lender and loan program. What is most important to know is that the higher your credit score, the lower the interest rate you will get on your loan. And when you are financing hundreds of thousands of dollars, that translates into a lot of money over time. As a quick synopsis:

FICO over 580 - FHA or VA and possibly USDA
FICO over 640 - all government insured loans FHA, VA, USDA, Fannie Mae, Freddie Mac
FICO over 740 - all loans and the best market rates for each type of loan

You should also look at the fees being charged. These add up quickly and increase your effective interest rate over the loan. If you would like to explore home loans with a great lender, contact me. I work with a few lenders, some low priced, some able to do the more difficult deals. We can match you up with the right one and get you started.

Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
0 votes Thank Flag Link Tue Sep 20, 2011
Hi Jay;
Depending on type of loan program, down payment, and many, many other mitigating factors, lenders need a credit score of 620 MINIMUM. However, scores of 740 or above will get preferred rates.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
0 votes Thank Flag Link Tue Sep 20, 2011
Hi Jay, it will really depend on the loan your choose. I would highly recommend you speak directly with a loan officer/broker, they can tell you in detail of all the great loans available to you, what your interest rate will be, and how much down payment you will need.

If you need a loan officer, feel free to call me, I have one I have worked with for years and he is very good. I would be happy to give you there contact information. By the way, congratulations on realizing buying a home right now is one of the best times in years to be a home buyer.

Have a great day,
Heather Paul, Realtor
Coldwell Banker
0 votes Thank Flag Link Tue Sep 20, 2011
Hi Jay, depends on type of loan and if you are seeking some type of down payment assistance or lower down payment requirements. Barring no other random non-qualifying issues, you can most likely get one with credit scores of 620 at slightly higher interest rate, but it's better to shoot for having it 640 or better IMO. Many times there are things that can be legitmately removed from credit report to boost it.

I work with first time home buyers and upgrade buyers and have several preferred lenders that work hard to find good SOLID programs that will meet you where you are at in terms of down payment assistance and loan help.

Feel free to call with any of your other home buyer questions.
HRS: 7:30am - 7:30pm
DAYS: 7 days a week

PHONE: 310-508-5354
0 votes Thank Flag Link Tue Sep 20, 2011
Hi Jay, most lenders are looking for at least a 620 score for their mortgage loan programs, however the higher your score the more options will have as well as the more attractive the interest rates will be. 740 is correct, that is the ideal credit score but by no means is it required to get a good interest rate. With FHA financing it's still possible to get real low interest rates with a not-so-hot credit score. In addition to having a certain credit score, what is on your credit still needs to qualify (so having a certain score does not automatically qualify you).
0 votes Thank Flag Link Tue Sep 20, 2011
Hi Jay,
I have found Rick Smith to be a great mortgage broker with lots of good info & advice. He has helped many of my clients get mortgage loans & own their first home. You can reach him at 818-464-5366.
All the Best,
Century21 Luxury Homes Consultant
0 votes Thank Flag Link Tue Sep 20, 2011
Jay, These days it appears 740 is what you should shoot for but there are loan products out there that will allow a lower score. Check with a reputable mortgage broker as they can give you the specific requirements and breakdowns as well as pre-qualify you. If you are working with a Realtor®, they should be able to point you in the right direction. Good luck!

Risa Liebster, Realtor®
Ramsey-Shilling Associates
0 votes Thank Flag Link Mon Sep 19, 2011
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