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.
Julia Fishel, CDPE, CIAS
Suncoast Partners at REMAX Elite Realty
35190 US Hwy 19 N, Palm Harbor, FL 34684
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.
ReMax Realtec Group
Palm Harbor, Fl