Answers (5)
- Amanda Prather, "Amanda Prather"
- Contributions:80
How it works is that Fannie & Freddy Mac will have their "minimum" credit score. Then Individual lenders will have their layer where they up the score requirement per their policy. So the best bet would be to call a couple of lenders to get a good idea. Most commonly up till recently we would see minimum 620 score, but as you can tell based on the answers below it can vary. There has been recent news that the major entities (Bank of America, Wells Fargo, Chase) all are going to require 680 minimum scoring. Hope this helps and good luck!
- Ryan Halset, ABR, "RyanHalset"
- Contributions:864
It's best to chat with someone in person - but a typical buyer right now would likely want to be above a 640 credit score.
You'll likely get lenders letting you know that they'll need further info to let you know exactly what credit score you'll need...
Things like:
- Down Payment Amount
- Loan Program
- Assets
- Etc...
Good Luck!
Ryan Halset | Realtor ®
Boardwalk Real Estate | Seattle, Washington
You'll likely get lenders letting you know that they'll need further info to let you know exactly what credit score you'll need...
Things like:
- Down Payment Amount
- Loan Program
- Assets
- Etc...
Good Luck!
Ryan Halset | Realtor ®
Boardwalk Real Estate | Seattle, Washington
- Dave Skow, "daveskow"
- Contributions:1432
for the best rates and fees ...ideally 740 +
as scores decrease , qualifying is still possible but prciing will worsen
as scores decrease , qualifying is still possible but prciing will worsen
- Metro Indy Expert.
- Contributions:197
You need to speak with your local banker or ask friends who own homes for a referral of a mortgage broker. The typical score needed now is 620 but it may be higher in your area.
- Scott Mendell, "ScottsRE"
- Contributions:1
This really denpends on the type of mortgage you are applying for. Right now you will need a minimum score of 620 to get an FHA loan and most conventional lenders are following these guidelines as well. You can work with your lender to get some exceptions to this limit and it is possible to do it with as low as a 600. There are a few lenders out there that will do credit scores as low as 520 but there are other certain requirements that are tough to meet.
What fico score is needed to qualify with $80,000 per year income for $300,000 loan?
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