minimum credit score

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jay927

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Post Posted: Fri Jan 29, 2010 5:45 am    Post subject: minimum credit score
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I would like to know the minimum score to purchase a home. My income is excellent, I am ready to buy but my score is low. Any suggestions?
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Post Posted: Fri Jan 29, 2010 7:05 am    Post subject:
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Hi,

The minimum credit score required to qualify for a home loan at an affordable rate and term is 620. Some lenders are said to provide loans even with credit scores of 580-600. But there are not many lenders who would do so in this market. The interest rate on loans would also be very high if your credit score is not good.
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Post Posted: Fri Jan 29, 2010 8:15 am    Post subject: FHA
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What is your credit score. Below 580, FHA requires 10%. 580 and above, the minimum down payment is 3.5%.
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Post Posted: Fri Jan 29, 2010 11:19 am    Post subject:
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There are some lenders that will do lower. Like Theo said, an FHA lender will go lower on the score (as low as 500) but you will need a larger down payment.

I also know of a regional lender who does not use credit scores as a basis for approval loans. It all depends on where you are located.

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Post Posted: Sat Jan 30, 2010 12:36 am    Post subject:
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I was told today .... 620
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Post Posted: Sat Jan 30, 2010 1:41 pm    Post subject:
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Ted,
If this is the case why are we being told that 660 is the minimum to even be considered for an FHA loan?
We will be putting down between 10-15% on a purchase of around $80,000.
I have a score of 670 & my husband is now at 590.
I have been told that he cannot be on the loan because his score is below 660.
Multiple lenders here in S.E.Florida have told me the same thing.

I'm getting very frustrated!
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