FHA is not credit score driven how ever most lenders will not fund under 580 and there will be a pricing hit for credit score under 620

With that score you should be able to get FHA loan which will require 3% until Jan then 3.5%

USDA is 100% loan but limited by area and income

Give me a call if you have any other questions or send me an email

You may be able to qualify for a loan....contact a LOCAL lender for info. Good luck...it's a great time to buy!

The short answer is yes, your credit score will affect your interest rates. It will also affect what you pay for home insurance and auto insurance. i would contact a few lenders to see who is willing to give you the best rates. I would avoid online lenders because it is often harder to complete a transaction because when you call you get a different person each time you call. Try talking to your regular bank, they may have incentives to keep your business. Good luck!
Betina Foreman, Realtor

Since the FORECLOSURE DISASTER the Banks are tightening credit. However it's not just the credit score that they are looking at. If you have a good job and sufficient income to support the monthly payment it may not be a deal killer. Also your debt is going to figure into the equation.

If you have a 617 Credit score, a good job, and not to much dept....then I suggest that you go to your bank and sitting down with a person in their loan department and see how much of a loan you can qualify for. Also consider Checking out the FHA Loan. It's a good option and sometimes can help with your costs or provide a lower interest rate. DON'T FORGET to ask what the monthly payments will be including taxes, insurance and PMI. PMI is "Private Mortgage Insurance" and is required on most loans that have less than 20% Down. PMI has really increased since the FORECLOSURE DISASTER and can really drive the payment upwards. Make sure you ask plenty of questions. Now is a great time to buy so if you can....You Should!

I am a real estate agent, but I am always talking to my lenders about the mortgage side. I would say yes it will affect your loan. The thing with credit score ( I think) is the higher it is the more loans you open your self up to and this is where you can get better rates. There are lines in the sand so to speak. If your score is 620, you can get a set of loans. If it is 680, you open up to a different set of loans. If it is 720, you open up to even greater loans. I have a great loan officer in North Carolinia who would be able to talk to you about pulling up your credit score fast and easy. I do suggest using someone local for your mortgage. It is just a lot of less headaches. But if you want his info let me know. 336-671-8108 Thanks,

I believe that the lower the score the higher the Mortgage Insurance Premium will be. That makes your monthly payment a little higher than if you had a higher FICO score.