Home Buying in Boston>Question Details

Nursecie, Home Buyer in Boston, KY

What is the minimum credit score to get a loan for a home under $150,000, with income of $65,000/yr.?

Asked by Nursecie, Boston, KY Tue Mar 15, 2011

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FHA minimum score is about 550! Some lenders have special programs that are based on your gross income such as the Community Development Program, VHDA which is the Virginia Housing Development 100% financing program, etc. All depends on what is available in KY. Contact a reputable mortgage company/broker to get the best programs available to you and your particular circumstances.
0 votes Thank Flag Link Wed Apr 6, 2011
Hello,

Besides the price of the home and your income, there are other facters that determine being approved for a mortgage loan...with credit score being one of them. I spoke with a morgtage lender in Lexington this morning that said that they are likely to get a 640 to go through. I would recommend sitting down with a lender in your area for a pre-qualification. That would best answer your question.

Best of luck!

Matt Grimes
Century 21 Wilson Realty & Auction Company
Danville, KY
0 votes Thank Flag Link Tue Apr 5, 2011
There are other factors besides credit there that determine eligibilty, therefore do visit with any qualified loan officer; he/she will best advise--be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Tue Mar 15, 2011
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