Home Buying in Ruidoso>Question Details

Cr, Home Buyer in Ruidoso, NM

What is the mimimun credit score you can have and get approved for a house loan?

Asked by Cr, Ruidoso, NM Sat Aug 27, 2011

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What type of loan will make a difference too.

Construction loans need even higher score then conventional loans.

If your score is under 620 you may have more problems.

You will also need money in the bank and steady income.
Make sure you file your taxes too those copies are needed.

Talk with a lender and they can help you get back on track.

Thanks, Ruidoso Annie
0 votes Thank Flag Link Thu May 3, 2012
If you talk to your Lender about an FHA loan;
The credit score really doesn't count;
They use INCOME/DEBT ratio.

Good luck and may God bless
0 votes Thank Flag Link Sat Aug 27, 2011
The lowest I have seen in recent years is 580, but, as you probably know, there are so many other factors besides credit score to make a decision. I will note, however, that Wells Fargo has recently offered a mid-score of 500, but it works mostly for those with little credit rather than those with bad credit.

Jack Gillis, M.B.A., J.D. │ Realtor®
Jack Gillis Realty Advisors
United Real Estate, Broker
5430 LBJ Freeway | Suite 280
Dallas, TX 75240
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Sat Aug 27, 2011
There are other factors besides credit that determine mortgage qualification, therefore do visit with any loan officer; generally for a decent rate, 640.
0 votes Thank Flag Link Sat Aug 27, 2011
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