I believe that you can qualify with a credit score of 620. I said "qualify" which means that you will pay around 7% interest to borrow money. However, if you improve your credit rating let's say to 720 you can not only qualify for a mortgage, but you can "qualify well" for a mortgage and borrow the money let's say at 5% interest rate. Ask your mortgage broker?
If my score is 620 for a mortgage at $50k what would be my interest rate?
If my score is 720 for a mortgage of $50k what would by my interest rate?
Then do the math and you will see the difference is about $200.00 per month? It's your money. I wish you well, I just prefer to see you qualify well vs. just qualifying.
I will be happy to assist you in boosting your credit score so you can qualify well! Good luck