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

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June 22 2009 - Omaha
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Answers (6)

Profile picture for bank4
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
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October 01 2009
Profile picture for Pat Bourgo
I think they bumped FHA to 620.
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June 23 2009
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
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June 23 2009
Profile picture for matthewoshea
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!
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June 22 2009
Profile picture for MikeEmery
FICO, not FICA.

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

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