Licensed Real Estate Salesperson
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We just head a meeting with our preferred lender and of course the perfect score should be in the 700- 800. Otherwise, the least score I have been told that a lender can work with is 620. Again this is what i learned during the meeting and it is of course to be verified since I am not a lender. It is all to be verified when they run your credit score.
VP Asso broker
There is more. Great credit is one aspect, a buyer will need more. A solid work history with reasonable income will be part of the equation as will be any outstanding debt for loans (school, car, etc). This all goes to your debt to income ratio. Hopefully you don't have some type of judgement against you or a foreclosure. Good luck.
This question prompts my answer to please reach out to an expert.
I highly recommend Justin Keesey of CHASE Bank.
firstname.lastname@example.org or call him 718-614-5610.
best wishes in your purchase endeavors.
Lenders typically take the middle score of the 3 credit reporting companies (experian, transunion, equifax). Make sure you pull a tri-merge credit score to acurately see what your credit history is like.
Read more about how credit can affect your rate as a borrower and save you some money:
SVP/ Asociate Broker
Rutenberg Realty NYC
I understand your question, but let me be clear about something there are two types of mortgage loans: Portfolio Loans and Loans that are sold in secondary markets.
Portfolio lenders, those who hold your mortgage and service it, are less concerned about the actual score, they look at the history. Their underlying guidelines are much different than the lenders who underwrite to sell the mortgage to FNMA or Freddie Mac. Loans that get underwritten to be sold have more standardized guidelines and the score will determine the pricing and risk tier qualification.
That being said, you must also understand that you must have verifiable income and seasoned assets. Credit alone does not determine the outcome. If you are looking for a stated income program then the score itself becomes the most important factor, as income can no longer be verified.
To have good established credit all you need is 3 credit lines that show a history of use and repayment. Some loans will allow you to add alternative forms of credit (rent history, utility bills etc...)
Also remember, there are multiple factors that determine your credit score.
1. Amount of available credit
2. number of inquiries
4. tax leans
you get the picture.
Basically, if you make enough money to qualify, have enough money to put down and keep in reserve, pay your bills on time and can prove it, you can get a loan.
Best of luck to you. Freecreditreport.com freecreditscore.com annualcreditreport.com are a few sites to order FREE credit reports or under $20 if you print them out on line. Make sure they give you the score as that is critical.
Good luck, Happy Purchasing.
Most lenders require a minimum score of 620 to qualify for a loan, however the higher your score, the better the rate you are quoted as it indicates a lower risk factor for the banks. In addition to credit scores, other factors are also taken into consideration. The debt to income ratio and amount of down payment also affect the rate you will receive.
I suggest you run your credit reports with each of the 3 bureaus so you are aware exactly what information is in there and correct any errors then contact any major lender & get yourself pre-qualified before starting your search for buying an apartment.
City Connections Realty