There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)
But... lenders will also look at your income and debt to income ratio to make sure you can afford the mortgage.
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Rate quote or live chat with me at the link below:
Your credit score is sufficient to qualify for a mortgage. However the credit score is not the only factors that determines mortgage qualificatio. Down payment, income, monthly debt must also be considered in calculating your qualification. If you would like to give me a call we can get you pre-approved.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960