Home Buying in 08012>Question Details

Michael Vald…, Renter in Blackwood, NJ

What credit score is required for a home loan?

Asked by Michael Valdez, Blackwood, NJ Mon Sep 17, 2012

Help the community by answering this question:


In my area, I'm finding 640, maybe 620....beware of some lenders who may offer lower requirements, but it usually comes with other stipulations...real estate agents usually work closely with many they find are reputable...be sure to trust your real estate agent...if you need more information on how to find the best real estate agent...contact me anytime..
0 votes Thank Flag Link Thu Nov 15, 2012
Michael,: Their are many forms of financing in today's new world. What I would suggest is to get a qualification done by a reputable mortgage officer, who knows all the in and out of today's financing. It is getting more and more complicated every day and you need some who is professorial and trust worthy. In the event you would like to explore securing financing for a home please contact me so I can deliver a respected mortgage officer to you. Below is my contact information.

Thomas J Heverly Realty
Thomas J. Heverly Sr
20 W Browning Rd
Bellmawr, NJ 08031-2201
(856) 931-0088
Web site : http://www.heverlyrealty.com
0 votes Thank Flag Link Mon Sep 17, 2012

The rule of thumb is usually around 620. But there are lenders that have programs that are designed for people with lower scores. The best idea is to call a few mortgage lenders and discuss your situation and ask them what they have that would be a good fit for you.
Web Reference: http://www.iwaniw.com
0 votes Thank Flag Link Mon Sep 17, 2012
As Joe already mentioned From 580 and up.

Have a job for last 2 years... making payments on time... Yo should be ok. Just need to find out how much you qualify to buy.

It's easy to qualify today and certainly there are plenty of homes to choose. Get in now while interest rates are low. Once in lifetime chance! In my lifetime I never seen rates this low until now.

If I can help contact me

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
0 votes Thank Flag Link Mon Sep 17, 2012
I find so far that when i say 720 the lender gets excited as well with payments on time. Then the mention of being self employed, i can almost hear the click of the phone hanging up. Even though the mortgage payment would be the same or less as the individual's rent that they paid on time for the last 5 years. Why is this so? Additionally I will add that the buyer in this instance has more than 20% in cash to put down.
Flag Fri Jan 10, 2014
Hi Michael,
It depends on the lender.... but many are requiring 600 or 620 average scores. I've seen some at 580 and have heard of some lower, but you'd have to shop around. Get my free mortgage info questionnaire to help you begin shopping for a loan.... it's on the bottom left on my home page at http://hometeamNJ.com under mortgage info.
good luck,

Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
Watch: http://youtube.com/joemontenigro
Meet: http://www.facebook.com/JoeMontenigroREMAX
Search all Homes: http://hometeamNJ.com/search
About Joe: http://hometeamnj.com/about/
0 votes Thank Flag Link Mon Sep 17, 2012
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