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what is the minimum credit score to qualify for a mortgage

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December 31 2010 - Bartlett
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Answers (12)

Mine are:   FHA, USDA  640
 Conventional:  620
 Jumbo (over $417,000.00)  740 
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February 07 2011
Most lenders have overlays above FHA minimum score.  However, Wells Fargo is now accepting a 500 minimum score for their FHA products.

Good luck.
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February 06 2011

I don't see a single correct answer of the first 9.   So I'll give it a shot.

FHA minimum score is 500.   Scores below 580 require LTV<=90%.   Many lenders require higher scores.

Conventional Fannie Mae/Freddie Mac is 620, unless it is a Home Affordable Refinance in which case there is no minimum FICO score.

Other options such as portfolio or private lenders will set their own criteria, which can have a wide range of potential minimums.

 

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February 03 2011
FHA is 580, however, most investors have overlays (their own guidelines) that have a minimum is 640.  

Conventional and USDA minimum is 620.  

Jumbo is 740.  (Loan amounts greater than $417,000.00)  
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February 03 2011
580
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February 03 2011
Your best option would to be to try to raise the credit score.  With a score of 590, there are many simple ways to improve your credit score in a short amount of time.  The credit reporting company we use has tools for raising a client's credit score.  Otherwise, I would say that 620 is the minimum most lenders will accept.

Hope this helps!
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January 13 2011
FHA 3.5% Down payment most lender are going with either 620 or 640.  Thier are a few lender out thier that are going down to 580, however rates and fees are high. Most loan officers can assit you with getting your credit scores increased or can refer you to a credit repair company.
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January 02 2011
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I understand it to be 620 or 640
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December 31 2010
The lowest qualifying credit score that I know of is 620 at KeyBank for their Key Community Mortgage and their VA Loans.
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December 31 2010
I haven't dealt with a subprime lender for sometime now, but they used to place greater emphasis on equity in the property than credit scores. If you have enough money in either equity or down payment you may be able to get a loan.
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December 31 2010
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December 31 2010
640 + would be typical for min. down FHA loan. 680+ for conventional loan  with 5% or more down - Mortgage Ins. guidelines - other factors including if property is located in a Distress Market area come into play. There are a few lenders that still talk about as low as 600 credit score on FHA, but that may or not be a viable option with guideline restrictions and interest rate add on's.
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December 31 2010
 
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