I gave the movie "Knocked Up" five stars. So you may differ from my opinion and I will not be offended.
720 to 850 is five stars.
680 to 700 is four stars
660 to 680 is 3 Stars
620 to 640 is 2 stars
600 to 620 is 1 star
under 580 is no stars.
Remember 3 things that make up a loan 1) credit 2) loan - to - value 3) debt - to - income ratio with assets helping as well.... hope this helps
A good lender can help you to work this out. They can also tell you what programs you may qualify for that are available to first-time home buyers. They will also help you with credit counseling if needed.
It may take some time, but then you will be fully informed, and know what all your options are.
A lot depends on factors other than your credit score. Also don't always count out seller financing. If you want more specifics about that scenario, let me know.
Also, just to get a rough idea, you may want to check your score on truecredit.com (i.e. TransUnion). I've used all three services (including experian.com and equifax.com) and found that truecredit.com normally has the most accurate scores and you can actually see all 3 scores there.
Unfortunately I can't answer the question, as I am not a lender. I would strongly recommend that you contact a trust worthy lender! I have all of my customers and clients contact a lender prior to making any purchasing decisions. Give me a call or email, and I would be more than happy to forward you to a few different lenders that I have the utmost confidence in their ability to help you answer your question!
Gary J. Rudden, Broker/Owner
Congressional Residential Realty
Great question and your credit is important when purchasing a home. However, there are still some incredible FHA loans available if you are a first time home buyer where depending on the reasons for your credit not being "ideal" they will over look that. As well, I work very closely with another lender who will work with you as well as dispute and work to improve your credit and can usually get great results within a month or so. I am more than happy to put you in touch with either lender should you be interested.
The Ross Collection, LLC
O: 301.916.1400 ext 369
Government financing (FHA, VA, USDA) have no credit score requirements (eventhough some lenders are requiring a minimum). Since the risk is not based upon your credit scores, a person with a 600 credit score would get the same as one with a 720.
Now... conventional loans have changed. Risk based pricing and mortgage insurance according to your credit socre. At a 680 or above you are safe. From 620 to 679, that's where the problems come in. Both in increased interest rates and higher mortgage insurance. For a more detailed explanation, contact your local lender or mortgage professional. These changes are happening NOW and across the nation.
A mortgage professional will lead you in the right direction.