what credit score do you need to get a mortgage?

Asked by Edgftdrhc, Long Beach, CA Wed Feb 3, 2010

what credit score do you need to get a mortgage?

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Lesley Harris ’s answer
Lesley Harris…, Agent, Huntington Beach, CA
Wed Feb 3, 2010
It depends on a lot of variables. But 620 and above is a good start. Doesn't mean you can't be lower, however it will probably cost ya in the interest rate. Do you know what kind of a Fico Score you have now?

Lesley Harris, Realtor
(562) 673-0943
0 votes
Gary L. White, , Los Angeles, CA
Wed Feb 3, 2010
Like other experts have mentioned , there are programs available to customers with challenged credit. Ive included the criteria for this program. Feel free to contact me if you have any further questions or concerns. Good Luck!

NO FICO or < 620 FICO !

We have a loan for your borrower!

• No Late Payments in past 12 months
• No " New " Collections opened in past 12 Months
• Max DTI 31% / 43 % (w/comp factors per 4155.1 stretch of 40%/46%)

• VOR required for past 12 Months (0X30) or LOE (living w/family rent free) and Budget Letter
• Home Buyer Education Certification http://(www.mgichome.com)
• DU approved or Manual Underwriting

• Manufactured Homes are OK - max LTV 90%

- no Cash Out

- no Dirt Road

- no Flood Zone

- max 2 acres

** 3 Alternative trade lines for No FICO borrower and DTI to follow 31/43 NO EXCEPTIONS.

** Non-occupant co-borrowers / co-signers must be related as parents, children or siblings. Proof of relationship will be required (i.e. birth certificates). Other blood relatives (aunts, uncles, cousins, etc.) will only be allowed if the occupant borrowers DTI does not exceed 50.0%

Nationwide lending
0 votes
Sheila Caron, Agent, Long Beach, CA
Wed Feb 3, 2010
Since you're in the Long Beach area, I would refer you to Christal Dunn at Guaranteed Rate. She is located near the Long Beach Airport. You can reach her (562) 221-2216 or (866) 647-9210. She won't try to hard sell you, just provide excellent information which is crucial to your success to purchase a home. Just let her know I gave you her contact info through Trulia post. Good luck!
0 votes
Emily Knell, Agent, Huntington Beach, CA
Wed Feb 3, 2010
Other than FHA, if you have a larger down payment, like 10-20% there are lenders accepting lower credit scores than 620,, I've seen lenders offering programs, with still decent interest rates if your FICO scores are under 580

562-430-3053 cell

btw, how do you pronounce your name? LOL
0 votes
John & Sarena…, , California
Wed Feb 3, 2010
You need to have a least a 620 FICO with a minimum of 3.5% down for FHA which is the common loan program in effect right now. If you think you might need some improvement on you score I have a lender that can do rapid rescore for you for free to bring you up to where you need to be. You can not be terribly off but if you within about 50 points or so we can get you up to 620. Here is a link where you can contact me for more information.http://www.vgrouphomes.com/atj/user/ContactUsGetAction.do

John & Sarena Villaescusa
Keller Williams Realty
Cell: 562-818-2671
Email: Johnv@kw.com
Website: http://www.VGroupHomes.com
Web Reference:  http://www.VGroupHomes.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 3, 2010
For an FHA mortgage--minimum credit score is 620 and 3.5% down. Visit with any qualified loan officer(s) to see what your budget can handle.
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