By the way, Bill, "PMI" stands for private mortgage insurance and is a generic term. There may be a company that uses that in their name, but it is also a generic term.

I'm looking at MGIC's website and they say 680 (700 for a first time homebuyer), although the type of property may impact the requirements as well.

That is just one PMI company's guideline, but I think they are all pretty much in line with one another

Well, well, funny to bump into you here!

It may not be so much that the PMI company wants that score, but MI (mortgage insurance) calculations are affected by the credit score. Your debt to income (DTI) may be tight and he/she may need you to have a lower housing payment. It may also be that the type of program requires a 720 score which includes MI. Ask him/her if you can do an 80/10/10 to avoid MI. By the way, just for knowledge sake, PMI is the name of a company. MI is the proper name.

Hi MeganRoss1,

Last Month I heard that the minimum was 700 on the middle score or on an average of the three credit scores. That might have changed. Also, Remember that PMI is an insurance product like any other and different insurers will have different requirements. Since Mortgage consultants are the go betweens for with PMI providers, you should speak with several Mortgage consultants to get a true Minimum Fico score requirement. Below is the Mortgage consultant that I trust the most.

Scott Reich
Sales Manager
Access Mortgage
225 Littleton Road
Morris Plains, N.J. 07950
Direct: 845-561-3877
Fax: 973-630-3593
Cell: 914-760-1783

I hope this helps. Please let me know if I can be of further assistance.

All the best,
JOE GREENE
Broker/Owner
WEICHERT, REALTORS - House & Home
609 Kappock Street
Suite 1A
Bronx, NY 10463
(718) 432-5000 ext.601 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)
joegreene@weichert.com