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what should your fica score be if I'm a first time buyer

  • June 22 2009 - Omaha
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Answers (6)

Demetrya,

Depending on what typy of mortgage you qualify for 620 is the lowest score allowed under Government loans.  ie FHA or VA.  The conventional loans require a higher score.  If you are ready to purchase you should find a lender you are comfortable with and get pre-approved.  Rates are amazing currently the FHA loans are running around 5% and only require a down payment of 3.5%.

I would be happy to assist you with any information.  My office number is 402-827-3110

Good Luck
  • October 01 2009
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I think they bumped FHA to 620.
  • June 23 2009
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Hi Demetrya,

Matthew is on the money.  If you are looking to buy in Omaha I have a great agent that lives there that I could refer you to.  I am from Lincoln but have lived in AZ since 1997.

Best of luck and let me know if you or anyone you know needs help with a home loan in AZ.

Thanks.

Brian
  • June 23 2009
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To answer your question correctly, you will need to know what type of financing you are getting (ex: Conventional, FHA/VA, etc...). After you know this, you will be able to better understand where you score needs to be. Typically, FHA has the lowest standard right know at 620-640. You will need a higher FICO if you are considering conventional financing.

Feel free to contact me if you have any other questions. I can also refer you to a few great mortgage professionals who have ample amounts of free information for you.

Good Luck!
  • June 22 2009
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FICO, not FICA.

  • June 22 2009
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You should have a 580 or above for an FHA loan.
  • June 22 2009
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