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What credit score should I have in order to get approved for a $160-180k conv. mortgage?

Unfortunately, I don't qualify for FHA.  My income is $40k per year and my only debt is a car payment of $370 per month.  I have credit cards, but they are all paid down to zero.  No student loans or other revolving debt.  Purchase price is $200k and I can put $20-40k down.  I'd prefer to stay at 10% down (and pay PMI), but would this require an even higher credit score?  Thanks for your help.
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May 06 2009 - Las Vegas
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Profile picture for lyn21
As far as i have read your story.
You are fine. start shopping around now for the lenders.
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May 07 2009
jdunnisher,
You should be fine with the information you provided.  I suggest you post a loan request on Zillow and allow a lender of your choice to give you a pre-approval.

Lindsey, Nice seeing you.  Haven't seen you for a long time.

Micky Ballentine: Can you not self promote?  No one cares if you have lenders who can do the job.  Only thing the OP cares about if there are lenders who can help.  After reading your swine flu outbreak, I would think you would have backed off.
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May 06 2009
I don't have much experience with the community property states in how you're qualifying. I just wanted to straighten out for the record that FHA doesn't now, and never has had a credit score requirement. Each lender is free to set one on their own. For example it sounds like some lenders won't go below 620, at the moment we won't go below 600.

If you're in that 680 range, in addition to loan approval, if you go conventional, you'll also need MI approval which unlike a couple years ago is not guaranteed just because the loan gets approved.
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May 06 2009
Profile picture for jdunnisher
Thank you all for your help.  Do you think a loan amount of $160-180k is reasonable to expect, given my income of $40k per year - factoring my car payment and 10-20% down?  I just want to make sure I'm not shopping over my head.
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May 06 2009
jdunnisher,

740 is going to give you the best rates but there is not much of an adjustment for a 720. With a solid 720 you should be good at 90%.

Lindsey,

Love the ne profile picture!
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May 06 2009

FHA 620, but we have lenders that will go lower on a Fannie Mae loan as long as you have compensating factors.

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May 06 2009
Profile picture for jdunnisher

I am married and would have to include my spouse's DTI ratio on the application, which would likely prevent us from qualifying.  A conventional loan will allow me to apply on my own.

I actually live in Arizona.  For some reason, it defaulted to Las Vegas when I made my initial post.  My middle score is around 680 right now, but I'm hoping to be 720+ once a few derogatory items fall off my report in August.  What mid score typically accompanies the best rates?  Is it 720+ or 760+?

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May 06 2009
Why did you not qualify for FHA? FHA goes down to a middle credit score of 620 right now with a 3.5% down payment minimum requirement.

Most conventional mortgages right now require a 680 or higher middle credit score to get a good interest rate. Depending on your location your down payment minimum requirement can range from 5% to 15%.
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May 06 2009
 
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