Do you have to have a good credit score.?

Asked by Jlasonya47, Houston, TX Tue May 7, 2013

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K.C. Jones, Mortgage Broker Or Lender, Irving, TX
Wed May 8, 2013
We're able to approve FHA (3.5% down) loans with credit scores as low as 580.

Feel free to apply online at or give me a call.

K.C. Jones
RH Lending
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Al Geffon, Agent, Houston, TX
Tue May 7, 2013
Credit history is crucial ... it illustrates how responsible you've been over a long period of time. You're looking at at least a 640 FICO score for FHA-insured financing and about 740 for a conventional loan. Minimum down payments range from 3.5% to 5% depending on the type of loan, in addition to closing costs. By asking the question, it would appear that you would not be a candidate at this time. Work on your credit and save your money ... best of luck.

Al Geffon
(713) 213-6350
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Mark McNitt, Agent, Houston, TX
Tue May 7, 2013
To get a mortgage from a traditional lender...yes. Your mortgage must meet guidelines so they can resale your mortgage later. It is part of their business.

What is a "good" credit score? That will very depending on whom you speak with. Conventional mortgages require higher scores, FHA can be obtained with lower scores...but have higher cost. Some lenders have options for non-conventional loans that would allow lower credit scores, but likely will require larger down payments and would carry a higher interest rate.

Best advise, speak to a mortgage officer that can discuss your situation and explain the process. If your scores are low, make a plan to get them up so you can obtain a great mortgage. Save your money and be patient. I have a few great lenders on my web site if you need to speak to someone.…

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
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