If you go the FHA route, then indeed you're going to need a higher score. A score of 620 or better is what you can expect to show.
Homepath offers attractive terms. The score requirement also is 620.
Other helpful information:
But what if you're looking ahead to better times? For instance, you got a better paying job recently and that is helping you get your credit in better shape.
In the current market, sellers sometimes can be found who are motivated to sell.
PML of Longmont
720 810 0683
The answer to this question is not simple. A lot depends on the home you will buy (how expensive) the monthly payments you feel you can make (interest rates vary depending on your credit score) how much you can put down on the home (lenders are more comfortable with larger down payments) your ability to pay (your income and expenses) and, of course, your credit score itself.
I would suggest you talk to more than one lender to get an idea about what is available to you in particular. Most real estate agents have a list of lenders they like to work with, so you can get referrals from agents without having to commit to anything. I would note that lenders, like real estate agents, have different approaches. Do not assume that being turned down by one lender/broker means you will be turned down by another. Also do not assume that all lenders will treat you the same way. Some will give you a quick thumbs-up/thumbs-down answer and nothing more. Others, especially some brokers, will work with you to find the right loan for you and help you make simple changes to improve your credit scores so you can get a the lowest possible interest rate.
Prudential Real Estate of the Rockies
As other agents have said, there are other factors involved than just how much credit you have. I have a great lender who could review your info and get you an answer very quickly. Please contact me directly for her contact info.
P.S I'm based out of Longmont, and do a lot of business in the Frederick/Firestone area. Let me know if you need a good Realtor! Thanks!
The score, down payment, and loan amount are all factors which will affect your ability to get a loan. Specifically, the higher the rate and down payment, the lower your interest rate will be.
My understanding is a 720 credit score with 20% down will net you the lowest rate. 680 is also a good number to shoot for...
Your credit scores should preferably be above 640. Some lenders will still offer approvals below that number, but the selection will be greatly limited.