Asked by Marie, Eagan, MN Mon Oct 26, 2009

Help the community by answering this question:

+ web reference
Web reference:


Voices Member, , Red Wing, MN
Wed Nov 11, 2009
Hello Marie,
My office right up from you in Mendota Heights, so I am can sit down with you and answer any and all questions you may have. WIth a question such as you have posed it comes down to what are you looking to do with how much down. As Elizabeth wisely pointed out 620 is about the minimum score at least until the FHA upgrades the needed credit score to 640. Please feel free to contact me to go into specifics for your situation.
0 votes
Mnboy, , Minneapolis, MN
Wed Oct 28, 2009
Get pre-approved, save a lot of disapointments. Credit issues are more the norm, the stigma went away.
I just saw a big name Realtor's house go into foreclosure on Lake Minnetonka. Make sure you buy very smart. If you are going to buy a TH or Condo, plan on staying 5 years or more.
Web Reference:  http://www.hansen2hansen.com
0 votes
Elizabeth Fu…, Agent, Wayzata, MN
Mon Oct 26, 2009
While credit score is not the only compenent for acquiring a loan, it is critical if you are seeking FHA or Conventional Financing, Insured conventional as well. For most FHA financing, you need 3-5% downpayment and a credit score above 620. Some people will tell you they were able to obtain financing with a lesser score, but other indicators may have improved their ability These might have included little or no debt, a more significant downpayment, the loan to value ratio and their own debt to income ratio. If you wish to analyze your specific ability to acquire financince, as well as a free, no obligation check up and plan to raise your score, call me at 612-986-4105. I will gladly help you take a snapshot of your potential and plan for getting the property and the loan you desire. Liz
0 votes
CCC, Home Owner, San Diego, CA
Mon Oct 26, 2009
Hi Marie,
FHA has no Score rule, but the unspoker Middle credit score is 620 for FHA. Remember that there are 3 credit scores.
Conventional Mortgage is higher because the Mortgage Insurance Companies do not approved them at lowers scores.

0 votes
Search Advice
Ask our community a question
Home Buying in Eagan Zip Codes

Email me when…

Learn more