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minimum credit score

Posted on: 29th Jan, 2010 04:45 am
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?
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.
Posted on: 29th Jan, 2010 06:05 am
What is your credit score. Below 580, FHA requires 10%. 580 and above, the minimum down payment is 3.5%.
Posted on: 29th Jan, 2010 07:15 am
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.
Posted on: 29th Jan, 2010 10:19 am
I was told today .... 620
Posted on: 29th Jan, 2010 11:36 pm
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!
Posted on: 30th Jan, 2010 12:41 pm
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