Generally speaking if you have minimum 640 credit score, most lenders will be able to give you a mortgage loan, providing that your employment history is good for 2 years minimum and providing that you have money in your account to cover down payment and closing costs.
Shop around for mortgage brokers, they have access to many banks, private lenders and different programs and get pre approved for the amount that you can easily afford.
Best of Luck,
Chad E Bahnsen
Visit My New Website: http://www.chadthemortgageman.com
Chad E. Bahnsen- Mortgage Originator, NMLS# 127719
Mortgage Network, Inc.- Corporate NMLS# 2668
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Office: 610 622-2212
Licensed by the Pennsylvania Department of Banking and Securities
Most lenders need 620 or 640. I have programs down to 580 that are typically 1% higher than the normal FHA rate.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
There are different types of mortgage programs available. The lowest score acceptable to most lending standards is usually a FICO score minimum of 620+. The better your score, the lower your interest rate.
Feel free to call me to discuss your situation. I'd be happy to refer you to a mortgage specialist who can also help you improve your credit score.
Have a great day. Looking forward to speaking with you soon.
All the best,
Larry Lichtman, CNE
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994
Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700X49 cell 267-934-1971
In my experience, the best approach is to allow a Loan Officer to review all the necessary documentation and pre-approve you. Most experienced Loan Officers would be able to tell you exactly what you can do so that your credit scores improve right away, as oppose to a long term action plan.
I'm always available to help, please feel free to call or email me and we can talk further. I can assure you that we would offer all the perks of an FHA loan with little to no fees at the best rates possible. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
The minimum credit score depends on the program and the lender. It is just one piece to the puzzle. That being said FHA guidelines are the most forgiving for credit challenged individuals. The FHA guidelines allow for a credit score down to 500. If you score is below a 580 then FHA requires you have a 10% down payment.
We are one of the few banks that follow FHA guidelines so we will do down to 580 with 3.5% down payment and below 580, we go down to 500 with 10% down but that is only one factor. There could be issues on your credit that preclude you from qualifying as score is only one factor.
I recommend making application with us so we can see what you qualify for and if you don't qualfiy we can enroll you in our Get Mortgage Ready Plan to give you a step by step action plan to get you qualified. You can give us a call at 610-906-3109 or apply online at http://www.PrimaryResidentialMortgage.info
John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc.
610-906-3109 PA Office
The short answer is middle score of 620.
The more complete answer is the score
of 620 doesn't guarantee being able to get mortgage financing.Why the score is 620 will have a factor.On the other hand there are situations where a person can get financing with a score of 580.Again,depends on why it is 580.
As you can see,there is no snap answer to your question.The best thing to do is contact me and I will work with you and the loan officer I have used for 16 years to see if you can get financing now or what you will need to do to get financing in the future.
Century21 Advantage Gold
Dirk Parker, Â M.Ed, Realtor
Prudential Fox and Roach Jenkintown