the current credit score needed today for FHA loan is 620? I thought It had to be higher...

Asked by Dottie, West Parkside, Philadelphia, PA Fri May 22, 2009

with the current market conditions I was told by others and have heard on the radio that you need at least a 720 credit score In order to obtain a home loan.what are the credit scores needed and have they raised the numbers .How hard is to get a loan for home as a first time hombuyer and someone with repaired credit.

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Samantha Wee…, Agent, Upper Darby, PA
Wed Jun 3, 2009
Hi Dottie,

Dana is correct, 620 for FHA which would seem like your best option as a first time home buyer. As far as your credit goes its best to contact a reputable lender and a good agent and together as a team the three of you should be able work on getting you a home. Depending on your credit, it may be later rather than sooner but having a good support system would allow you reach your goal.

Samantha Weekes
Exit Realty "The Waterfront Group"
1080 N Delaware Ave Ste 100
Philadelphia PA 19125
215-687-2629
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Dana Schuster, Agent, Slidell, LA
Sat May 23, 2009
FHA used to allow a lower credit score. it is now 620 with 3.5% down. 720 is required for all other financing,which in most cases requires 10% down.
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