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Score good enough to apply for a loan

Posted on: 08th Apr, 2012 11:56 pm
Hi there… 3 months ago, when I checked my scores, it were in the 620's and now the TU score is 660. Now I need to know whether or not it is good enough to apply for a mortgage. My EQ score jumped as well from the 620s to the 660s.
Hi Paul,

With a credit score of 660, you will be able to qualify for a FHA loan. In order to get a conventional loan, you will have to increase your credit score to up to 700-720. Below that score, you won't be able to qualify for a conventional loan.

Posted on: 09th Apr, 2012 12:44 am
Conventional mortgages require a credit score of 620 or higher typically.
The information above is not at all correct.

The credit score is affected, however, with credit scores below 740.
Posted on: 09th Apr, 2012 10:04 am
In short Paul, 660 and above credit score is required for FHA loans.
Posted on: 09th Apr, 2012 07:53 pm
Hi Paul, Not sure where these posters get their info...FHA will go down to 500 fico, finding a lender to work with 620 and above fico is easy, finding sub 600 fico FHA lenders are more difficult, but they are there. Conventional lenders will require min 620...The higher the fico, the lower the rate, and lower your required down payment. A score of 660 should be more then enough for approval as long as you are putting 20% down and not a condo and you will occupy the property. Good luck
Posted on: 10th Apr, 2012 02:39 pm
Well, Paul, Chris and James Hogg... I partially agree with all three of you. I won't say that James is completely incorrect as I have found lenders who asked for a credit score of 620 at least while giving a FHA loan. The incident happened with one of my friends. He (the lender) explained that though FHA does not have a specific rule for credit scores but lenders have the right to ask for a certain credit score. It will be the discretion of FHA lenders whether they will give mortgage to a borrower who has a credit score of 578 or ask him/her to improve the credit score to 600-620 and then apply for a mortgage. But then, ofcourse, thanks to all 3 of you. I'm sure all your answers will be of great help to the original poster!! :)
Posted on: 10th Apr, 2012 11:21 pm
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