What is the minimum credit score if one is trying to purchase a $50k property.?

Asked by Yancey Delaney, Southfield, MI Thu Jul 21, 2011

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6
Chris Shaw, Other Pro, Southfield, MI
Wed Jul 27, 2011
The purchase price has nothing to do with the credit score most of the time.I do know Bank of
America has a minimum score of 580 with other conditions met.Let me know if you need a good
mortgage rep.Good luck.
1 vote
Kathy Persha, Agent, Birmingham, MI
Thu Jul 21, 2011
Excuse me Ron, but why would you assume that this person has bad credit just because he is trying to educate himself on the requirements for a mortgage. That comment is just plain arrogant. He is asking a question and you are giving him 50 lashes. Shame on you.
1 vote
voice member, , Oak Park, MI
Wed Jun 6, 2012
I work with several banks and Mortgage companies and it will vary, but if you are looking to minimize your down-payment i would say 580-600 would be the minimum for FHA Loans. If you need more information please feel free to contact you and we can go over it in more details. MSHDA has programs to reduce your down payment if you are a first time home buyer.
0 votes
Rezell Simmo…, Agent, New York, NY
Fri May 25, 2012
It varies and depends on which lender you decide to go with. I would say shop around to find the best mortgage company with the best rates suitable for you.
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Thu Jul 21, 2011
Good Evening Yancy:

I have to agree with Kathy. Ron's comments were uncalled for. Typically most lenders are requiring a minimum of a 620 credit score. But there are exceptions for people who haven't established credit. You best bet is to contact a mortgage lender who can let you know exactly where you stand and assist you in correcting any issues for a purchase later. If you need assistance I would be happy to help.

Have a Great Evening!!!

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
Stephen Conn…, Agent, Birmingham, MI
Thu Jul 21, 2011
You have to ask a mortgage broker . Want one ?
0 votes
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