Home Buying in Paris>Question Details

Bobbiejohill…, Other/Just Looking in Blossom, TX

what does your credit score got to be to qualify?

Asked by Bobbiejohillis, Blossom, TX Mon Mar 22, 2010

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Over simplified answer is FHA 580 and Conventional 620 plus, These are the common loans that are out there. there are several other lessor used loans to obtain financing along with owner carries and secondary financing. Things like age, down payment, is the property in or going into foreclosure are also important variables. Work with someone to up your credit score is always a good idea.
0 votes Thank Flag Link Thu Nov 24, 2011
Hi Bobbiejohill:

I checked with a mortgage broker here in Boulder. She said the mortgage companies are moving their score requirements up to the 640-660 range for FHA loans. Since credit requirements are moving targets, you should find a good mortgage broker early in the home-buying process and learn what kinds of loans and interest rates are available. Also you should learn about credit scores and do what you can to improve your score. The blog post below may help.

Best,
Ron Rovtar
Prudential Real Estate of the Rockies
Boulder CO
303.473.1926
0 votes Thank Flag Link Mon Mar 22, 2010
Bobbie,

620 is pretty easy.... depending on the credit profile itself aside from the score.
580 is doable, but many get denied for the very reasons for the 580.... rather than the score itself.
0 votes Thank Flag Link Mon Mar 22, 2010
Hypothetically you can get an FHA loan with a score of 580, however those lenders are hard to come by. Call a local mortgage broker in your area who may have a lender who would work with you. The major national lenders require higher scores.
0 votes Thank Flag Link Mon Mar 22, 2010
620 is the FHA number most often mentioned here for an acceptable credit score.
0 votes Thank Flag Link Mon Mar 22, 2010
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