what is a qualifying credit score?

Asked by Arlington Cornejo, Charlotte, NC Sun Sep 8, 2013

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 24, 2014
A qualifying credit score can depend on what type of loan you want so it can be anywhere from 580-640. If you are seeking an FHA loan the usual minimum is around 620 but I can give out loans with credit scores as low as 580. Also for a VA loan I can give out one of these for a credit score as low as 560. Lastly, for a conventional loan I do scores as low as 620. If you are seeking a loan I would recommend speaking to a lender like myself. I would be more than willing to speak with you so I can try to help you out.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes
Daniel Fisher, Agent, Charlotte, NC
Thu Sep 12, 2013
Good afternoon, Arlington:
You may want to read the Trulia Real Estate Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" If you meet that criteria and have a middle credit score of 600 or more, you can probably get a loan. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Mon Sep 9, 2013
Hi Arlington,

Lenders take the middle of your 3 credit scores from Transunion, Equifax, and Experian and that is your qualifying score.

While FHA "technically" permits you to put 3.5% down with as little as a 580 credit score, lenders typically require a higher score. As the others have said, most lenders are requiring 620-640. My company requires only a 600 score.

Please bear in mind that just because you meet the minimum credit score requirement, that does not mean you will automatically qualify for a mortgage.

If your credit scores are in the high 500 to low 600 range there is usually a pretty good reason for it. If you have judgements or tax liens they will need to be paid. Non-medical collection accounts may need to be paid off as well.

If you have several late payments, or even worse, a bankruptcy or foreclosure, on your credit then in additions to meeting minimum credit score requirements you will also need to re-establish good credit. That means no late payments in the last 12-24 months.

Lenders want to see that you have made an effort to establish a good credit history and work on correcting mistakes you've made in the past. They want to lend to people who are good credit risks, not people who take their debt obligations lightly. SUSTAINED homeownership is the goal - not trying to get everyone to own as opposed to rent.

I can walk you though the process, and if you are willing to take the right steps and put in the effort, then you CAN own a home. Feel free to give me a call or email me and we can talk in more detail.

Tony Grech

Loan Officer -NMLS #977416

WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
0 votes
Kathleen Tur…, Agent, Charlotte, NC
Mon Sep 9, 2013
I'm not seeing scores below 620 getting approved.

Kathleen Turner
The Kathleen Turner Realty Group
Keller Williams Realty
0 votes
Kelly Sniate…, Agent, Matthews, NC
Mon Sep 9, 2013
Hi Arlington,

It depends on what type of loan you are shopping for. Typically 620-640 is where you need to be to qualify. If there is anything I can do to help just let me know.

0 votes
Josh Barnett, Agent, Chandler, OK
Mon Sep 9, 2013
680 should get you where you need to be.
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dave, Agent, Charlotte, NC
Mon Sep 9, 2013

Credit score varies from lender to lender. The federal government has set a low they are willing to accept for FHA loans in the 500's yet no lender will go that low. Most lenders want somewhere between a 620 and 640. However; I work with a lender who accepts as low as a 600 credit score,

Dave diCecco
Coldwell Banker United
0 votes
Frank Coxx, Agent, Indian Trail, NC
Sun Sep 8, 2013
Some lenders can go down to 580 middle score fha.....usda 620-640 depending on who you go to
0 votes
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