Home Buying in Palm Harbor>Question Details

Cnruffin, Home Buyer in

What credit score do you need to buy a house?

Asked by Cnruffin, Mon May 28, 2012

Help the community by answering this question:


Matt & Julia Fishel, Suncoast Partners’ answer

As you can see, it depends who you ask and what type of mortgage you are getting.

FHA mortgages (requiring only a 3.5% down payment), are generally gentler on the credit score than if you were to apply for a conventional (usually 20% down mortgage).

FHA mortgages can be obtained with a 580 credit score and up, yet many lenders will require a 620 and up. (You can obtain an FHA mortgage with a score between 500 and 579 with a 90% loan to value ratio - i.e. put 10% down). However, all of that being said, a credit score is just one of MANY factors that are used to determine if you can be approved and the best mortgage product for your situation. If for some reason you aren't able to be approved right away, a good lender will guide you through the steps you need to take to ensure that you can be approved as soon as possible.

As it so happens, our favorite lenders are in Palm Harbor, and we they work with people in all sorts of situations. It may even be possible that you'd qualify for a number of down-payment assistance programs that could be factored in to the equation - it nerver hurts to explore the possibility for free money!

Overall, while professional Realtors like us are knowledgeable about mortgages, your best bet is to talk to a lender or two directly. WHO you talk to DOES matter!

Would you like us to send you a list of experienced lenders that we know and trust? Text, e-mail, or call us and we'll get you the info right away.

Kind Regards,

Julia Fishel, CDPE, CIAS
Suncoast Partners at REMAX Elite Realty
35190 US Hwy 19 N, Palm Harbor, FL 34684
727.366.0324 Direct
0 votes Thank Flag Link Tue May 29, 2012
580 for FHA. Check out The Lenders Network, they have lenders that can work with low credit scores. Good luck!
2 votes Thank Flag Link Fri Aug 21, 2015
640 is the standard minimum credit score required for a FHA purchase allowing you to put 3.5% down of the purchase price and financing all or a portion of the closing costs. Any score less than that will probably result in unattractive mortgage terms that might now work for you such as higher interest rates and a hefty down payments. There are other factors that are required to purchase a home, such as debt ratio, income, and your work history, your credit score is only one piece of the pie.
0 votes Thank Flag Link Tue May 29, 2012
You can have a 500 score if you have at least 30% down. See programs at:

0 votes Thank Flag Link Tue May 29, 2012
As you have read, there is great variably in the products lenders offer and what is required of the borrower. Buy downs and exceptional down payments have been tools used to adjust the parameters for many potential borrowers.

My advise would be to consult with a lender who has demonstrated a commitment to the community in which they are located. Big banks such as Bank of America get 'F' rating in this regard and should be avoided completely. The link below is to "Banking Grades.com" Type in your zip code and find the highest rated local bank and introduce yourself.


Best of success in getting funding for your home purchase.
Annette Lawrence
ReMax Realtec Group
Palm Harbor, Fl
0 votes Thank Flag Link Tue May 29, 2012
Some lenders will want you to be above 680 and most will want you to be above 620 however there are some lenders that will go below 620.
0 votes Thank Flag Link Mon May 28, 2012
Mortgages are based not just on your credit score but as well as your financials. Your best bet is to meet with a local and trusted loan officer who can prequailify you at no cost and see what programs are available to you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 28, 2012
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