Financing in New Territories>Question Details

Maria Elena…, Home Buyer in San Antonio, TX

How much does my fico score need to be to buy a house?

Asked by Maria Elena Gonzalez, San Antonio, TX Mon Aug 6, 2012

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I work with a local non-profit who writes and backs their own loans. It is not credit score based had very low interest rates, no down payment, no closing costs, no MIP. Please contact me for more info.

Jessica Turner Agent
Select Professionals, Inc

Darrell email me and ill get you this info. Not sure if its the same as what Jason has to offer but this ones legit and honestly great for great and poor credit. Wish I had known about it sooner my mortgage would be $200 less then it is. :0(
0 votes Thank Flag Link Sat Aug 11, 2012
Wow Jason. That's amazing. So a client with a 580 will get the same interest rate as one with a 780? Please share contact information on this lender for everyone that has sub-600 scores. Everyone will be ale to shout your name from the rooftops when they see the results your insight provided. Awesome.
0 votes Thank Flag Link Tue Aug 7, 2012
Going to disagree with the post by Darrell... the lender I use hands out the same low rates regardless of the credit score.. :)
0 votes Thank Flag Link Tue Aug 7, 2012
Ok, all the answers are correct. Bottom line from the variances you see is that you need around a 620-640 to get into a home and you can go lower depending on income, employment history, debt ratios, pay timeliness, etc. How low you can go depends on the other factors and alos the lender. Some lenders are more conservative and some will go down as low as 580 as already stated.

The one thing that was not stated that you need to be aware of is that if you are on the low end and just squeak by getting a pre-approval, you will likely pay a considerably higher interest rate than someone that is good to go with all variables and has a 720 score. Good Luck.

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-881-6760 (Fax)

'Serving all Your Real Estate Needs'
0 votes Thank Flag Link Tue Aug 7, 2012
If you have 5% to put down - we can get you and FHA loan down to a 580 score all day long.

If you are at a 620 or better, we can getyou a regular FHA loan with only 3.5% down, and may be able to get you a bond program for down payment assistance if you qualify for the bond.

USDA - 620
VA - 620
Texas Vet Loan - Down to a 580 score

If your scores are below that.. I have THE MOST AMAZING CREDIT CLEAN COMPANY that can whip you into shape pretty fast! And they are cheap too :)

Give me a call, shoot me a text or e-mail, and I'll get you some details... it's easy as pie!

Jason C Campbell
Option One Real Estate
0 votes Thank Flag Link Mon Aug 6, 2012
Many variables go into a home loan. Credit score requirements vary by lender. Typical answer is a 640 for a FHA loan, but that isn't the true story. I have lenders that will approve at a 580 depending on the other variables. Call me to discuss.

Stephen Schumacher
Larsen Properties
0 votes Thank Flag Link Mon Aug 6, 2012
There are several issues to consider with this question. Are you applying for a conventional, FHA, or a VA loan. Also, your downpayment amount will play into the equation. Most lenders are looking for 640 or above in credit scores. There are loans available for extenuating circumstances if you do not have a 640 score.
I work with a loan officer who excels in FHA loans and she can walk you throught the process so you can be aware of what will be expected of you to qualify for a loan.

0 votes Thank Flag Link Mon Aug 6, 2012
Typically 640, but sometimes as low as 600 if you meet other conditions. Contact me and I'll have you speak to an outstanding lender who I know will get the job done for you and then we can get you into your own home!

Justin Werner, ABR, CDPE, CRS, SFR
Accredited Buyer Representative
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Platinum Top 50 Realtor Finalist 2011
RE/MAX Exclusive
210-367-4757 Cell

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Save at least $2,500 on your next home purchase, GUARANTEED!
Do you know anyone falling behind on their mortgage payments? As a CDPE I can help.
0 votes Thank Flag Link Mon Aug 6, 2012
It can be done with 600, but there are other issues to consider not only your credit score. Please let me know if you need more help.
Good Luck.
Jose L. Novelo
0 votes Thank Flag Link Mon Aug 6, 2012
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