What is the minimum credit score required to get a mortgage loan?

Asked by Trulia Miami, Miami, FL Tue Feb 12, 2013

Help the community by answering this question:

+ web reference
Web reference:


Meg Sahdala, Agent, Coral Gables, FL
Tue Feb 12, 2013
The standard and "preferred" is 640 however there are lenders like HSBC that would work with non- premier loans, meaning those most banks don't want to touch. HSBC will also work with low income and credit score as low as 580 for FHA loan.

They also have portfolio product called COMMUNITYWORKS that allows financing up to 97% LTV with only 620 credit score (for owner occupied property only).

Best Regards,
Meg Sahdala

Vivienda Miami Real Estate Group
E-mail: meg@viviendarealtors.com
Tel: 305.877.2880
Fax: 305.675.3976
2 votes
Great Answer Meg! We should all be this knowledgeable.
Flag Mon Jul 28, 2014
Meg, you really know all this stuff; it is very good. That demonstrates that you are extremely professional!!! You know what you need to know to always help your clients. That is very impressive!!!
Flag Sat Mar 2, 2013
Evagail, Home Buyer, Dallas, TX
Wed Jul 22, 2015
FHA allows for borrowers with scores as low as 500 to qualify. We have offered programs like these for years. Now there is a difference between having a 500 or a 580 score and that can be seen with the amount of down payment that is required. Typically it is 10%. Also be sure to note that starting 2014 borrowers with scores under 620 and debt to income ratios are over 43% will now be required to pass manual underwriting. This simply means that you will want to have compensating factors. Factors such as length of employment, assets, solid 12 month payment history, etc. http://www.hud.gov/

Web Reference: http://fhamortgageinfo.com/
30 votes
ryateslenders, Agent, Plano, TX
Sun Sep 1, 2013
For FHA the minimum credit score is a 580 according to the FHA. Most lenders will not lend to borrowers with scores under a 620-640. I know of a few that will lend down to a 580 credit score, if you want some help locating one.
29 votes
I just tried for a mortgage today in Florida and my score was under 580 but my husband had a mid score of 611. Do you know of what companies may help us get preapproved? Please email if possible crystal112478@gmail.com
Flag Mon Nov 17, 2014
R.E. Summerl…, , Miami, FL
Tue Jul 28, 2015
Different lenders will have different criteria etc. There are companies that will "shop" for you to find the best lender for your own unique situation. Home Loans For All is one of the more highly rated companies. I'll include a link
14 votes
Lisa Tran, Home Buyer, Frisco, TX
Tue Aug 4, 2015
Have you tried an FHA Loan? You don't need perfect credit for FHA loans. I think FHA goes down to 580. The Lenders Network is partnered with several lenders that work with low credit scores.
13 votes
Jeri Patrick, Agent, Pooler, GA
Mon Jun 29, 2015
I would contact a local lender to discuss loan options. There are different loan programs out there. Best of luck
9 votes
Good Day
Are you in any kind of financial difficulty? Are you having
sleepless nights and worried on how to get a loan to relief
you of all your financial stress? Your help comes now.

Contact: JAMES WALTON LOAN COMPANY for easy and
reliable loans at 3%.
Email: jameswaltonloancompany@gmail.com

Full Name:
Loan Amount:
Loan Duration:
telephone number:

Flag Fri Oct 30, 2015
Mangquell Ca…, Agent, Opa Locka, FL
Mon Jul 28, 2014
580 if all the other factors are in line. Down payment , closing cost, the area the property is located are just a few.
9 votes
Frank Salgado, Home Buyer, Sebastian, FL
Mon Jul 28, 2014
what's the minimum credit score you need to get a homemortgage loan in fl
9 votes
Andrea Gomez, Other Pro, San Antonio, TX
Sat Aug 10, 2013
580 is the guidelines by FHA but most Lenders want a 640.
9 votes
Yanoska Diaz, Agent, Miami, FL
Tue Feb 12, 2013
FHA will normally require a minimum credit score of 580. This is in contrast to Lenders such as Fannie Mae and Freddie Mac, which look for at least 620.

Private Financing is available to those with a poor credit score that will not qualify for a Conventional or FHA loan. Typically a Private Lender requires a 50% down-payment.
9 votes
Javier Olmedo, Agent, Miami, FL
Thu Mar 19, 2015
There are some BC credit programs being revealed lately that will put those 640 and 660's away. Really need to do HW as the minimum scores to get some sort of financing keep dropping.
7 votes
Maria Cipoll…, Agent, Coral Springs, FL
Wed Aug 28, 2013
Shop around for a mortgage broker that can explore all your financing status. Mortgage brokers have access to many banks, private lenders and different programs. Lenders preferred clients with a minimum of 640 credit score, but I see programs that with a 580 and a good down payment you can get a mortgage loan. Each case is different.

Best of Luck,

Maria Cipollone

7 votes
Michael Kirk…, , West Hartford, CT
Wed Aug 28, 2013
Different mortgage lenders will have varying minimum credit score requirements. Here in CT, my mortgage lenders will use the middle fico score of 1 borrower and the lower middle fico score of 2 borrowers. For example, one mortgage lender has a FHA 640 minimum and conventional 660 minimum(5% down). Check with your local mortgage professional about what are the credit qualifications for the mortgage program you seek.
7 votes
Pat & Steve…, Agent, Westlake, OH
Sat Aug 10, 2013
We suggest that you meet with a loan officer at two local banks to discuss if you qualify for a loan; and, if not what must you do to qualify for a mortgage loan ASAP.
7 votes
Gregorio Den…, , San Diego, CA
Sun Mar 3, 2013
Unfortunately, not one single answer you received was factual. They may be giving you credit score limits that they personally have available or what they may have "heard" from someone else, but not one single answer is grounded in fact.

Here are the facts.

You may obtain an FHA mortgage without any credit score at all. If you find any experienced mortgage broker they should be able to explain this to you.

Also, FHA allows for scores as low as 500. I'm not guessing or just throwing a number out there, it's taken directly from FHA guidelines. While I readily admit that this is harder to find, it doesn't mean it's not available and not mentioning it when asked a specific question about the MINIMUM credit score would be incorrect.
6 votes
Shirley Rico, , Miami, FL
Thu Feb 21, 2013
In now days most lenders require a 640 credit score for an FHA loan and 620 for conventional.
Shirley Rico 305-949-LOAN (5626)
6 votes
Brian Martuc…, Mortgage Broker Or Lender, Bethesda, MD
Tue Mar 24, 2015
We require 620 credit scores so we cannot help directly. I do know there are lenders that will do loans down to a 580 score. But the terms and down payment may be higher. It may be worth it for you to take the time to raise your score to 620 to get the best terms. I think you need to find an experienced lender, well reviewed, who earns your trust, and go through a pre-approval process to see exactly what you can do now with your current score, and then ask what they could do if your score was 620, and you can decide if you think its worth waiting. But a lot of times there are things on your credit report that got your score so low in the first place, like collections, judgments, liens, etc; that may have to be resolved with any lender, even one who will accept a score as low as yours. So waiting may end up being your best choice for several reasons. Good luck.
5 votes
Jeri Patrick, Agent, Pooler, GA
Thu Apr 2, 2015
I would contact a local lender to help you with loan options.
3 votes
MARCO HUAMAN, Mortgage Broker Or Lender, Coral Gables, FL
Sat Mar 2, 2013
There are several ways to approach this questions. It depends of several factors; but most importantly the type of property and type of occupancy, type of transaction, if conforms or not, and type of program. .

The most common are:

FHA - 203B (Standard FHA) - 580 UP TO 96.5%; AND 540 UP TO 90% LTV
FHA - 203K (Renovation Loan) - 620 UP TO 125% LTV
HomePath Renovation - 620 < 80% LTV & 660 > 80%

Currently there are discussions at the regulatory level, about the validity of the existence of Government Loans with low credit scores requirements, and about the existence of community based programs. For the sake of the consumer with infome limitations, I hope these programs do not dissappear.
3 votes
David Beliard, , Miami, FL
Tue Feb 12, 2013
The minimum credit score to get a mortgage in today economy is about 640.....
3 votes
Jesse B. Luc…, Both Buyer And Seller, Las Vegas, NV
Sat Oct 25, 2014
With me it's 500Fico thru FHA

Hi My name is Jesse, it looks like I can help you go ahead and contact me. Just to tell you a bit about what we do here is some great information.

GreenBox Loans, Inc. is a leader in the residential lending market, with over 70 years of combined experience. GreenBox Loans, Inc. was founded on responsible and transparent lending with a strong conscience for the environment and commitment to service. We have the right tools to make the loan process simple and seamless.

We have the best loan programs to meet each individual situation. All of our loan consultants are trained and licensed, so you will always get a great rate with the service you deserve. We know that you have many options that is why we are dedicated to stand out above the rest. We are committed to our communities financial health.

Programs Available:
SIVA (Stated Income, Verified Assets)
1 Day out of foreclosure
Alt Doc
Foreign National
FHA (Starting at 500 Fico)
VA (Starting at 500 Fico)
Open Access
DU Refi Plus
High Balance
Super Jumbo
Jumbo Non-Confirming

At Greenbox Loans here’s what separates us from our competitors:
* Broker approvals within 24 hours.
* We provide true TPO lending. You close the loan with your name on the documents NOT ours.
* Funding in 21 business days on complete files.
* Brokers get paid the same day at Funding from Escrow, NOT the Lender.
* Competitive pricing.
* You choose when to lock you loan. No waiting on loan approvals to lock loans to ensure best pricing.
* You choose when to order your appraisal to ensure expedited funding.
* Dedicated and knowledgeable Wholesale Account Executives.
* Dedicated and knowledgeable Account Managers on staff.
* Ability to provide you with Contract Processors that are trained by us and fully aware of procedures.
* Loan Approvals in 24 hours on complete files.

Jesse B Lucero
Give me that Loan Lucero!!
Account Executive

Greenbox Loans, Inc.
Corporate Office is located at
3250 Wilshire Boulevard, Suite # 1900,
Los Angeles, CA 90010

CA Department of Real Estate License # 01300944 • NMLS # 333659
Licensed Mortgage Banker -

States to be opened shortly:
AK, HI, LA, MA, NH, NJ, NM, NV, PA & VA.

LIST OF ALL MY PROGRAMS FOUND AT http://www.slideshare.net/jblucero702

LIKE MY PAGE http://www.facebook.com/jessewholesale

Program guidelines are subject to change without prior notice. Certain restrictions may apply. Some loans arranged through third parties. First mortgages only. Not all products and/or programs are available in all States.

If you have any questions or concerns e-mail: jesse.b.lucero@GreenboxLoans.Com
2 votes
Sherry Green…, , Boynton Beach, FL
Tue Feb 12, 2013
In today's lending marketplace, the Lender's look for a client to have a middle credit score of 640. This applies to Conventional and FHA mortgages.

Please feel free to contact me for further information: 561-271-1611
2 votes
Do you realize you're asking TRULIA to call you? This was posted by trulia, not a consumer!
Flag Wed Feb 13, 2013
Jeri Patrick, Agent, Pooler, GA
Thu Sep 3, 2015
I would contact a local lender to see what loan options are available for you.
0 votes
Tom Bawany, Mortgage Broker Or Lender, Winter Park, FL
Wed Sep 2, 2015
We can do loans with credit scores as low as 580
Of course if you have 620 or better we can do automated Underwriting which simplifies the process

Pls call me for details, we do loans anywhere in Florida

Tom Bawany
Envoy Mortgage
Maitland, FL
Mortgage Loan Officer, NMLS # 519971
407 924 2759
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more