Home Buying in San Francisco>Question Details

Andrew Wilki…, Trulia Community Manager in San Francisco, CA

What is the minimum credit score to qualify for the best mortgage rate?

Asked by Andrew Wilkinson, San Francisco, CA Mon Feb 27, 2012

Help the community by answering this question:


Your best execution rate will depend on a few factors:

1. Loan to Value and Mortgage type. There is no FICO add on for an FHA mortgage while there is for a conventional loan. Usually the best rate for a conventional mortgage is 740 but also depends on your Loan to Value.

2. Your Mortgage Advisor. Given what we know about the best rates, My recommendation is committing to a Mortgage Consultant you are comfortable with and that you can trust. Someone that can deliver. Getting the best rate will not only depend on the factors above but also the ability of your Mortgage Consultant to deliver the best advice with his/her rates.

3. Your Lenders rates. Historic mortgage lows have pushed some national lenders up to 90 day pricing on refinances. In addition, they have raised their interest rates slightly to slow down production. Some lenders may be aggressive with their Conforming rates while not as aggressive with Jumbo mortgages. This is where your trusty mortgage advisors knowledge will be crucial. I am fortunate to have some of the best rates beyond what a National lender can provide.

Getting the best mortgage rate is not limited to these 3 points but its a good start. If you need additional in depth advice, I can help.

Good luck in your search.

Ivan Diaz
Home Mortgage Consultant
Land Home Financial
(415) 271-7740 direct/cell
2 votes Thank Flag Link Mon Feb 27, 2012
Currently FHA is as low as 580. Now sometimes lenders have additional requirements on top of that score. But check around with a local lender. Good luck!
0 votes Thank Flag Link Thu Mar 20, 2014
Answer from Ivan Diaz is great. Follow it.
0 votes Thank Flag Link Mon Feb 27, 2012
Thank you Jeff. Much appreciated!
Flag Mon Feb 27, 2012
It really depends on who you ask, but experience has shown 750 or higher will get you the best rates... I always suggest you seek out a mortgage broker who deals with these sort of issues day in and day out...

More than happy to help you find a mortgage broker who not only knows the business, but represents a wide range of options.

I hope that helps...

Jack McLaughlin
0 votes Thank Flag Link Mon Feb 27, 2012
Minimum scores for the best rates varies by lender, but generally speaking you need to be 740 or better to get the best rates. I would get recommendations for quality lenders as there are a LOT of bad ones out there. There is nothing more annoying to a buyer than finding out their lender can't perform midstream, and this happens a lot.

However, we have three lenders that we work with who have never failed to deliver on their promises for loans. There have been a few times where they said they couldn't do it on the front end, but this is responsible business behavior in my view.

If you would like some referrals drop me a line - we have some great ones.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
0 votes Thank Flag Link Mon Feb 27, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer