what does my credit score have to be to buy a home?

Asked by Rolanda Robinson, Mayfair, Philadelphia, PA Sun Aug 11, 2013

Help the community by answering this question:

+ web reference
Web reference:


Maria Cipollone’s answer
Maria Cipoll…, Agent, Coral Springs, FL
Thu Aug 15, 2013
Lenders are very strict right now and they will be checking at everything not only your credit score.
Generally speaking if you have minimum 640 credit score, most lenders will be able to give you a mortgage loan, providing that your employment history is good for 2 years minimum and providing that you have money in your account to cover down payment and closing costs.
Shop around for mortgage brokers, they have access to many banks, private lenders and different programs and get pre approved for the amount that you can easily afford.

Best of Luck,

Maria Cipollone

0 votes
, ,
Thu Aug 15, 2013
As a general rule it's 640 or higher. However, PHFA allows lower scores if you have compensating factors. Also, even if your score is low I have clients who are motivated who work hard to follow my advice and can improve their score within a month or so. I'd be happy to help you get pre approved if you'd like.

King Regards,

Chad E Bahnsen

Visit My New Website: http://www.chadthemortgageman.com
Chad E. Bahnsen- Mortgage Originator, NMLS# 127719
Mortgage Network, Inc.- Corporate NMLS# 2668
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
Licensed by the Pennsylvania Department of Banking and Securities
0 votes
, ,
Wed Aug 14, 2013
Hello Rolanda,

Most lenders need 620 or 640. I have programs down to 580 that are typically 1% higher than the normal FHA rate.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes
Larry Lichtm…, Agent, Bala Cynwyd, PA
Mon Aug 12, 2013
Hi Rolanda,

There are different types of mortgage programs available. The lowest score acceptable to most lending standards is usually a FICO score minimum of 620+. The better your score, the lower your interest rate.

Feel free to call me to discuss your situation. I'd be happy to refer you to a mortgage specialist who can also help you improve your credit score.

Have a great day. Looking forward to speaking with you soon.

All the best,
Larry Lichtman, CNE
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994

Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Mon Aug 12, 2013
It depends on the Lender and the program as the Agent and what programs are available at what time If I was to tell you about a program NO downpayment.NO closing cost except for out of pocket cost at current 30 yr. fix rate. ask others about and when they tell you there is no program with no down and no closing cost and credit score is not a problem call me at 215-725-5700 X49 OH check out http://WWW.NACA.com

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700X49 cell 267-934-1971
Web Reference:  http://www.GreatPaRE.com
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Aug 11, 2013
Rolanda, as you can see in the responses below, the minimum score can vary from one lender to another, and more importantly it is not the only determining factor. Generally speaking, lenders require a minimum 620-640 for FHA, which happens to have the lowest credit score requirements compared to conventional loan programs. Are there lenders who will do FHA with less than a 620? Yes, BUT you must be careful. These lenders generally carry significantly higher rates, fees, and more overlays and restrictions to the FHA program as a whole. FHA allows up to a 6% seller concession, gift funds, 3.5% minimum downpayment, and most of these lenders who allow FHA financing with scores as low as 580, typically do not allow you to take advantage of these FHA options.

In my experience, the best approach is to allow a Loan Officer to review all the necessary documentation and pre-approve you. Most experienced Loan Officers would be able to tell you exactly what you can do so that your credit scores improve right away, as oppose to a long term action plan.

I'm always available to help, please feel free to call or email me and we can talk further. I can assure you that we would offer all the perks of an FHA loan with little to no fees at the best rates possible. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes
, ,
Sun Aug 11, 2013
Hello Rolanda,

The minimum credit score depends on the program and the lender. It is just one piece to the puzzle. That being said FHA guidelines are the most forgiving for credit challenged individuals. The FHA guidelines allow for a credit score down to 500. If you score is below a 580 then FHA requires you have a 10% down payment.

We are one of the few banks that follow FHA guidelines so we will do down to 580 with 3.5% down payment and below 580, we go down to 500 with 10% down but that is only one factor. There could be issues on your credit that preclude you from qualifying as score is only one factor.

I recommend making application with us so we can see what you qualify for and if you don't qualfiy we can enroll you in our Get Mortgage Ready Plan to give you a step by step action plan to get you qualified. You can give us a call at 610-906-3109 or apply online at http://www.PrimaryResidentialMortgage.info

John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc.
610-906-3109 PA Office
0 votes
Don Sherman, Agent, Philadelphia, PA
Sun Aug 11, 2013
Hello Rolanda;
The short answer is middle score of 620.
The more complete answer is the score
of 620 doesn't guarantee being able to get mortgage financing.Why the score is 620 will have a factor.On the other hand there are situations where a person can get financing with a score of 580.Again,depends on why it is 580.
As you can see,there is no snap answer to your question.The best thing to do is contact me and I will work with you and the loan officer I have used for 16 years to see if you can get financing now or what you will need to do to get financing in the future.
My best;
Don Sherman
Century21 Advantage Gold
0 votes
Dirk Parker, Agent, Philadelphia, PA
Sun Aug 11, 2013
Usually it is a middle score of around 630. It varries with lenders but that is generally the FHA loan rate. I also know of a few government programs that have a lower score. In the next gew daus I will have a post on my blog outlining this program. Check into my blog http://www.dirktherealtor.com, email or call me to get the information.
Happy hunting.


Dirk Parker,  M.Ed, Realtor
Prudential Fox and Roach Jenkintown
0 votes
Zulma Valent…, Agent, New Rochelle, NY
Sun Aug 11, 2013
Many banks require a 640 credit score.

Zulma Valentin
Exit Realty Search
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more