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cepps · Joined: 28 Feb 2008 Posts: 3 1.74 Dollars($)

WHAT CREDIT SCORE IS REQUIRED THESE DAYS IN ORDER TO OBTAIN A MORTGAGE?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi cepps,

Welcome to the forum.

"WHAT CREDIT SCORE IS REQUIRED THESE DAYS IN ORDER TO OBTAIN A MORTGAGE?" Actually that depends upon the kind of mortgage you are willing to obtain. There are even some mortgages plans which are not score driven - like FHA is not score driven.

Which kind of mortgage do you like to obtain?

Best of luck,
Larry

charlesarmbruster · Posted: Thu Feb 28, 2008 12:57 pm Post subject:

Dude, you don't even need a credit score! Think about it -- some people don't have credit or a credit score -- what you might need is a down payment or a co-signer (resident or non-resident),

Ask a bank's mortgage loan officer about your qualifications! All loan officers want to put you in a loan, if they can qualify you. If that bank cannot do it, try finding a mortgage broker in your YELLOW PAGES -- kep asking! GOOD LUCK!!

All loan applicants have different credit stories -- and, most applicants can get into a loan of some kind, either now or later.

If your credit score is less than 500, you might have to wait a while.....

cepps · Joined: 28 Feb 2008 Posts: 3 1.74 Dollars($)

Well Chuck my credit score is actually 575. I have been turned down twice for VA Loans.

cepps · Joined: 28 Feb 2008 Posts: 3 1.74 Dollars($)

575 is is middle score. I beleive the high score is 649.

Posted: Thu Feb 28, 2008 1:12 pm Post subject:

Can you describe why you were 'turned down'? Va loans are provided by many lenders, and some use underwriters who may not read the guidelines exactly as others do.

michelle · Posted: Thu Feb 28, 2008 1:44 pm Post subject:

Welcome to the forum, cepps,

VA loans are one of the few programs that do not have a minimum fico requirement although the actual bank funding the loan might.

Were you given any reason for the denial other than your credit score? It's possible the loan is not being approved because there are derogatory items that are preventing you from qualifying. It is also possible that you just may need to find another broker who has more sources of funding available to them. You can search lenders on this forum by using the tab at the top of the page.

Please let us know if you have any other questions. We will help in any way we can. Good luck.

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