There are a few variables which you did not mention, so I will assume you are buying a single family home which you will be living in. If so, most lenders will have a minimum score around 620 or 640 for an FHA, VA,or USDA loan. If you wish to have a conventional loan and your down payment is less than 20%, then you'll need a 660 score with a max debt-to-income ratio of 45%. This information can seem confusing and overwhelming. I'd be happy to explain further if you wish. My contact email is below.
Throughout the Metro East, most mortgage lenders use 620 as the benchmark for a mortgage loan. MetLife Home Loans, Regions Mortgage, PNC Bank all use 620 as the acceptable underwriting score. If you are looking for an FHA loan, a score of 620 will work and I have even heard that Wells Fargo Home Loans has a program for scores in the upper 500 range. Most reputable lenders will pre-qualify you for a mortgage at no cost for the credit report. Good Luck Todd!
This is an awesome time to buy a new home with interest rates less than 5%. If I can help you, please feel free to call Kathy Shemwell, Re/Max Alliance at 618-581-0123.
It all depends 650 credit score could work. It all depends on the income you are showing or the minimum requirement of 2 yrs of job with the same company. If you are showing a personal business. All different options with all different loans. Thanking you-Komal C21, Prevete
Here is a blog i wrote about down payments on a home.
best of luck
It;s more than jus tthe credit score that would allow you to qualify for a mortgage. We can get you approved with credit scores in the low 500's, but we would need to review why your score was that low and your down payment would need to be a little higher. We can also take a look at trying to fix your credit, it won't cost you anything for us to review and or fix it. Our objective is to put you in the bst position to purchase a home. Feel free to contact me direct, no obligation, so we can discuss your options. I look forward to hearing from you.