When you only have two credit scores, the lower of the two will always be used. Credit scores are never averaged., nor would the highest ever be used.
For minimum credit score, it all depends on the loan program being used. A conventional loan with 20% down, will be a 620+. If you are looking at FHA/VA financing, the typical minimum credit score will be 640+ for most lenders. At Prospect Mortgage, we do offer an FHA 580-639 FICO program. For USDA, the minimum will be 620+ or 640+.
Score is only one of the many variables in a mortgage approval. While there are minimum credit score requirements, credit profile is very important to. Getting Pre-Qualified is the first step to finding out what your individual options might be. If you would like to get Pre-Qualified, you can submit a request at http://www.rodneymason.com
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® |
HomePathÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing... more