Home Buying in 48111>Question Details

Felicia, Home Buyer in Canton, MI

What credit score is needed for an FHA 203K loan?

Asked by Felicia, Canton, MI Sun Jul 19, 2009

Help the community by answering this question:


Hi Felicia,

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
1 vote Thank Flag Link Sun Jul 19, 2009
620 is the minimum score, but FHA is now allowing co-signers. For details specific to your individual situation, you should contact a lender. If you go into my website and click on TEAM, you will see an entire list of qualified, dedicated, conscientious and honest lenders -- they wouldn't be on my website otherwise. While there is a blanket answer for generalities when it comes to getting financed for a mortgage, every situation is unique. You should make it your goal to get answers specific to your situation. :^)
Web Reference: http://ReneeBadall.com
0 votes Thank Flag Link Sun Jul 19, 2009
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