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What credit scores are needed to approved for a mortgage?

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October 03 2011 - US
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Let's go back a little bit - before the days of credit scores. There were terms used such as: common sense underwriting, credit letters, "what caused the problem?" You need to find a common sense lender. They are not as hard to find as you may think. Brokers usually underwrite to FNMA/Freddie guidelines with overlays  - If your problem was medical or a resolvable issue which had a beginning and the lender can see a past - Yes, some lenders approve loans without weight on credit scores. You may need to call your local community banks, savings and loans and credit unions. Lenders that lend their own funds with common sense underwriting. Discuss your credit, write credit explanations and just appeal to their expertise and credit understanding. AFTER saying all of that - how about some credit counseling through a HUD approved (free) credit service. They will work for you to improve your credit. Every 50 points is a step in the right direction. Good luck!
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October 04 2011
FHA guidelines I believe state 520 to qualify for this type of loan, however most banks (lenders) want at least 620.  Have you contacted the credit bureaus to see if you can clean-up your report by paying off debts, lowering credit balances, etc...?
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October 03 2011
Profile picture for DarDar1970
if a person has a credit scores of 584,623.604 would it be possible to get a mortgage ?
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October 03 2011
Profile picture for shapiroamg
620 or higher would be best.

While you can be lower (possibly 580), it will be a crap shoop at best.
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October 03 2011
 
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