Most lenders have programs that they can offer you with a credit score of at least a 620. I would say shop around. No one really knows what is going to happen with the lenders and the standards that have been set. It is great that the government is offering an $8,000 credit but the standards to get approved have been raised so there is discussion on what to do to ensure that more indivdiuals can be home owners. A 620 score two years ago was a good score...in today's market...it barely gets you into a home....

Hi Kenya,

1) There are mortgage programs that allow for financing with scores as low as 580. However, certain negative items are not acceptable(recent bankruptcy etc)
2) Certain co-op or condo's have their own guidelines regarding the purchasers in their projects. Those might be stricter than the bank's requirments.
3) You didn't share in your post whether or not there were other issue in obtaining the mortgage - income, down payment etc...
Best to sit down with a lender/broker and talk about your situation.

Good luck.
Shai

Kenya,

Find a reputable mortgage broker with access to a variety of loan programs, let them shop around for you. sure it may cost a point or so (1% or so) but it's worth it - especially if a broker can get you a decent 30 or 15 year fixed rate loan with your current situation.

To make the broker's life easier put together a few credit reference letters from companies you already do business with. If your account is in good standing you should be able to obtain them. Try calling your light, gas, and cable company to start. Your FICO score is only one part, so I've been told by a mortgage broker that I trust and is helping people obtain loans in this fashion, in today's environment.

Hope it helps.

Sincerely,

Clear Path Brokerage, Inc.
Rodrigo Mora, CIC
President

There is no question that lenders' standards are constantly changing. After giving mortgages to anyone breathing, the pendulum has now swung the other way. If your lender is a major bank that adheres to Fannie Mae and Freddie Mac guidelines, those guidelines do keep changing rapidly. Major banks that want to resell the loans have to follow these guidelines. A mortgage broker with access to more programs might be able to help you. You may have to pay a higher rate though. It is the harsh reality of the current lending environment.

good afternoon......do you know what your middle credit score is now?...if so, share it with me, and i'll try to help you..thanks....bob mcclure- success mortgage partners- plymouth, michigan....