What does your credit score have to be at in able to buy a home?

Asked by Alexandra Leonard, Indianapolis, IN Tue May 8, 2012

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Mallorie Wil…, Agent, Indianapolis, IN
Thu May 24, 2012
All lenders and/or mortgage brokers have different requirements for credit score. Many now require a 620-640 or higher. I know of a lender that will take 585 or higher. If your credit score is currently less than these figures, many lenders have a system that will analyize your credit report to determine if there's a possibility to address certain items: IE: paying down a credit card or paying off some small items on your report; in hopes of increasing your credit score to where it would need to be to obtain financing. Your credit score is just one of the items the lender will look at. Your best option is to contact a lender and begin the pre-approval process. This is quick and will let you know where you stand.

I hope my response was helpful.


Mallorie Wilson
Associate Broker
Century 21 Diversified
317-590-3434 direct
317-585-7748 office
317-845-7726 fax
0 votes
Fran Lazerov, Agent, Indianapolis, IN
Tue May 8, 2012
Best bet is to sit down with a mortgage rep. Generally, it should be on the sunny side of 620; but other variables, such as payment history and credit score enter into the picture. Try Alan Cohen at 317-513-3056. Tell him Fran Lazerov asked you to call. Good luck.
0 votes
Claire-Anne…, Agent, Indianapolis, IN
Tue May 8, 2012
Hi Alexandra

Generally it needs to be at 620 - and I agree with everything Marita said below. I would add that Regions has some great programs as well. Bottom line, call around to see who has a program that you would qualify for and go from there.

Feel free to call to discuss further.

0 votes
Marita Topmi…, Agent, Indianapolis, IN
Tue May 8, 2012
Hi Alexandra,

The best person to speak with is a lender who has a lot of
different loans from $0 down to FHA 3.5% down to
conventional loans for 5% or more downpayment options.

I like the National Bank of Indianapolis because it is all
local, has low closing costs and has all those loan
products I mentioned above. Please phone Kelly Hardin
at 317.261.0363 and let her know I referred you. She is
smart, helpful and will send a bank representative to
your closing.

Call me if you want to talk further.

Best Wishes,

0 votes
Peter Knight, Agent, Fishers, IN
Tue May 8, 2012
It varies depending on the loan program. 620 is typical, but some lenders have programs for credit scores as low as 600. Contact me and I'll put you in touch with a suitable mortgage company. peter.knight@remax.net
0 votes
Tiffany Macon, Agent, Avon, IN
Tue May 8, 2012
Your credit score typically can be as low as 620 with exceptions and depending on whether you are going fha,con, or va. They are generally looking for at least a 640 now. I have someone who can help you see where you are and possibly give you plausable steps to get you where you should. If you need the xontct or would like me to give you the contact, I would be more than happy to.
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Thomas Bohlm…, Agent, Rolesville, NC
Tue May 8, 2012
Your credit score tells lenders about your ability to repay loans and or your payment history.

Talk with a mortage lender in your area.

Good Luck
0 votes
Julie Simnick, Agent, Indianapolis, IN
Tue May 8, 2012
It varies depending on the type of loan. Usually 620 minimum. There are things in addition to credit score that are taken into account as well -- late payments, etc. The best thing to do is to speak with a mortgage advisor. If you would like a contact, let me know, I can provide you with names and numbers.
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