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Jay, These days it appears 740 is what you should shoot for but there are loan products out there that will allow a lower score. Check with a reputable mortgage broker as they can give you the specific requirements and breakdowns as well as pre-qualify you. If you are working with a Realtor®, they should be able to point you in the right direction. Good luck!
Risa Liebster, Realtor®
It depends on what you mean by weak. My advice is to talk to friends, family and co-workers who have recently purchased a home and interview several loan officers until you find one that you are comfortable with. Then you want them to start a file for you and you should be honest with them about everything. That way they will be able to take you to the next step.
Your credit may be good enough to get you in the door. However, there are many other factors taken into consideration not only on whether or not you get the loan, but also the type of loan and the interest rate that you will pay.
A good lender can also advise you on how to build that credit score in a relatively short period of time.
Hope this helps.
If it is not reported to the bureaus then probably not, it all depends on credit reports. However you are still held with financial obligations for taxes and etc.
Lynn911 Dallas Realtor, Loan Officer, Credit Repair Consultant
The Michael Group - Dallas Business Journal Top Ranked Realtors
good evening....categorically, no, it does not put you out of the ballgame....there is more i need to know in order to answer your question....debt ratio, time on the job, etc, etc..i am here to help..best regards....bob mcclure- mortgage now- farmington, michigan licensed in 19 states including yours....... more