Home Buying in 23139>Question Details

Darrell Wils…, Home Buyer in Shacklefords, VA

what is minimum credit score to get a mortage loan?

Asked by Darrell Wilson, Shacklefords, VA Tue Apr 24, 2012

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Our company will do FHA loans on purchases and Streamline FHA refinances down to 560 FICOs. We are a direct Ginne Mae Seller. You have to be approved through the automated underwriting system know as DU. We are approved in Virginia and the following states AZ, CA, CO, CT, DC, ID, LA, MD, MA, MN, NJ, NM, NV, OH, OR, PA, TN, TX, UT, VA & WA with the rest of the US licenses pending.
0 votes Thank Flag Link Thu Apr 26, 2012
So if you have a score of 560 you will be able to get a mortgage but with how much down
Flag Wed Sep 19, 2012
Most lenders prefer 640, however there may be others who are willing to work with less. Since there are other factors besides credit that determine qualification, do visit with any licensed loan officer. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Tue Apr 24, 2012
There are some lenders who sell directly to the Ginnie Mae pool who will go with lower scores, but you can usually find someone who will go with a 620. However, the specifics of your purchase, such as down payment, debt-to-income ratio, and reserves, can change that. You can't have everything, low credit score, high debt-to-income, non-occupying co-borrower, no reserves, low down payment. That is probably not going to work with a lower score.
0 votes Thank Flag Link Tue Apr 24, 2012
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