Todd, Home Buyer in Fairview Heights, IL

what credit score would qualify for a mortage loan?

Asked by Todd, Fairview Heights, IL Tue Apr 5, 2011

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8
Minimum with 620 to higher for qualification. Also needs minimum income requirements depending on the type of FHA or conventional loan
0 votes Thank Flag Link Fri Sep 27, 2013
To buy a home your credit score should be 640 score
0 votes Thank Flag Link Fri Sep 27, 2013
Hi Todd,

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.

Good luck,
Mike.
mcline@waterstonemortgage.com
0 votes Thank Flag Link Tue Apr 5, 2011
Hi Todd,

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.
0 votes Thank Flag Link Tue Apr 5, 2011
I will be glad to help you buy a home. Our company has a Mortgage Maker. Call me at 618-531-7032 Charlie
Flag Fri Sep 27, 2013
Hi Todd,
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
0 votes Thank Flag Link Tue Apr 5, 2011
for the last 100 years the mid score of 620 has been the bench mark.

Here is a blog i wrote about down payments on a home.
http://blog.house-guy.com/2011/01/buying-house-costs-more-th…
&
http://blog.house-guy.com/2011/02/make-sure-you-can-afford-y…
best of luck
0 votes Thank Flag Link Tue Apr 5, 2011
Hi Todd,
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.
0 votes Thank Flag Link Tue Apr 5, 2011
There are other factors that determine qualification in addition to credit, such as employment, savings, debt., etc, therefore consider visiting with any qualified loan officer; after reviewing your overall financial information a determination on qualification can be made--if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.
0 votes Thank Flag Link Tue Apr 5, 2011
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