How high does your credit score have to be to purchase a home.?

Asked by Unspecified, Thu Oct 25, 2012

I have different scores on all three different reports. The highest one i have is 672 in Transunion. Can you advise?
Thank you

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Oct 27, 2012
A score can be as low as 500 and I can still help serure a loan

Response from a retail Bank Rep. after I asked her how many of the below programs they can offer... Honestly Steve, after reviewing them, I don’t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks

100% LTV- USDA/12 mo. into Chapter 13 BK is OK!
100% LTV- VA/can pay off debts on purchases too!
99% LTV- FHA

97% LTV- No PMI/MI and No 1.75% FHA FEE
95% LTV- No PMI
95% LTV- CONDO purchase

90% LTV- No PMI-2nd Home
90% LTV- JUMBO w/cc
85% LTV- NO PMI to Super Jumbo
80% LTV- Invest. Prop.

STATED INCOME ALT loan programs:

80% LTV- FIX n’ FLIP Invest. Prop.

80% LTV- NEW- Stated Income Alt

75% LTV- NEW- Foreign Nationals- Stated Income Alt

75% CLTV-NEW- after Short Sale, BK or Foreclosure

70% LTV- Soft and Hard Money -Stated Income Alt


COMMERCIAL PROGRAMS (many programs available nationwide)

Steve McRory

Pro Option Mortgage/Florida

Ph: 888 662 4404

Prior Service U.S. Marine Corps
0 votes
Olga C Suarez…, Agent, Miami, FL
Thu Oct 25, 2012
your credit score have to be an average of 620 Call me for further assistance at 305-794-8435 or email me at
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Beate Rodrig…, Mortgage Broker Or Lender, Sunrise, FL
Thu Oct 25, 2012

In order to determine, whether you qualify for a mortgage loan, a lender would have to pull your credit and would go by the middle score of your three fico scores.

I would recommend applying for a mortgage loan with a min. middle score of 620 to receive a low interest rate.

Please feel free to contact me at your earliest convenience, if I may be of any service to you.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299 244
Cell: 954.695.4849
0 votes
Salman Ali, Agent, Miami, FL
Thu Oct 25, 2012
If you want an FHA loan (3.5% down payment) you need 620 minimum score on all 3 reports. Conventional loan requirements are different because down payment size is higher (usually at least 20%). If you have a low score, you can still negotiate a good loan based on your down payment.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Oct 25, 2012
Depends on many factors, but my investors/lenders will go to a 550
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John B. Ande…, Agent, Miami, FL
Thu Oct 25, 2012
The middle one is actually what they use. Contact a lender to find out what will work. I recommend AIM loans. They are web-based and are very convenient to use to be ONE of the resources you consider for a loan. I believe 640 may be the "floor". It depends on some other things though. Just go for it! The lender will help you find out what you can spend. A good REALTOR would tell you to begin this way anyway. Then get a real estate attorney to have ready when you want to make an offer. Last, pick a good experienced REALTOR who will work directly with you.
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