Zillow Advice: Credit Scores - What is the lowest credit score to receive the best mortgage product? What are those tier levels? http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ Zillow Advice | Zillow Real Estate To get the best rate and ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ <p>To get the <a href="http://www.zillow.com/Mortgage_Rates/">best rate</a> and lowest fees, your credit score must be a 740 and your down payment must be 20% of purchase price with the final <a href="http://www.zillow.com/mortgage/">loan</a> being less than $417K-&nbsp;As your score goes down, your rates and or fees increase-&nbsp;Additionally, at a certain score below a 740, your down payment must be 20% because <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> will not be available-&nbsp;Again, that all depends on credit score.<br/>If your score is below the threshold for mortgage insurance because of putting less than 20% down, then the alternative product you would choose would be an FHA mortgage.<br/>TIER PRICING-<br/>&nbsp;FICO 740&nbsp;&nbsp; &nbsp;<br/>&nbsp; 720-739 &nbsp;-.25 &nbsp;&nbsp;&nbsp;<br/>&nbsp; 700-719 &nbsp; -.50 &nbsp; -.50 &nbsp; -.75 -.50 &nbsp;-.50<br/>&nbsp;&nbsp;680-699 &nbsp; -.50 -1.00 -1.50 -1.00 -.75<br/>&nbsp; 660-679 -1.00 &nbsp;&nbsp;&nbsp; -2.00 -2.50 &nbsp; NA<br/>&nbsp; 640-659 -1.25 -2.50 -3.00 &nbsp; NA<br/>&nbsp; 620-639 -1.50 &nbsp;&nbsp;&nbsp; -3.00 &nbsp;-3.00 &nbsp;&nbsp;NA</p> Thu, 27 Aug 2009 13:18:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-27T13:18:00Z Don't rule out FHA finaincing.&nbsp; ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ <p>Don't rule out FHA finaincing.&nbsp; There is no price adjustors for credit score and belive it or not, there are some <a href="http://www.zillow.com/directory/lenders/">lenders</a> that are still offering no minimum credit score criteria.&nbsp; With FHA's elimination of appraisals conditioning for cosmedic repairs a few years back, the <a href="http://www.zillow.com/fha-loan/">FHA Loan</a> process is as smooth as Conventional.&nbsp; Additionally FHA will allow for Seller Concessions of 6% Wheras Conventional is 3%.&nbsp; And the buyer can get in with as little as 3.5% down and it does not even have to be their own money (gift).&nbsp; I know the basis of your question was for <a href="http://www.zillow.com/Mortgage_Rates/">Best rate</a> and what credit score, but with all the Loan Level Price adjustments on Conventional, FHA is a far better option in most cases.&nbsp; The customer knows the rate from beginning to close.&nbsp; Conventional may change from initial lock depending on Credit, Appraisal property type, etc.<br/>Hope this helps, although steering off subject a litttle, We all need to keep FHA as a viable option.</p> Thu, 08 Oct 2009 06:26:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-10-08T06:26:00Z The lowest I have seen from ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ The lowest I have seen from several investors is a 580 Mid score which will require a 20% down payment or 80% LTV for rate and term refinances.&nbsp; For cash out refinances we can go to 75% LTV.&nbsp; Please check out my most recent Low FICO flyer and e-mail me any additional questions.&nbsp; thanks!<br/><br/>Click <a rel="nofollow" href="http://greysoncapital.vflyer.com/home/flyer/home/2728278">HERE</a> to see the flyer Wed, 26 Aug 2009 23:30:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-26T23:30:00Z there are obviously more ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ there are obviously more variables than just credit score, but 740 or better is a good rule of thumb for the high end, and there are still <a href="http://www.zillow.com/directory/lenders/">lenders</a> that will go under 620 with <a href="http://www.zillow.com/fha-loan/">FHA</a>, but that is a case by case situation and usually requires good compensating factors. Tue, 11 Aug 2009 18:10:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-11T18:10:00Z Thank you gentlemen.&nbsp; ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ Thank you gentlemen.&nbsp; I asked this question as generic as possible in order to make it easy for the viewing audience to understand.&nbsp; I am in the land title business with a former <a href="http://www.zillow.com/mortgage/">mortgage</a> background but have been out of the loop with today's <a href="http://www.zillow.com/Mortgage_Rates/">mortgage rates</a> and LTV ratios.&nbsp; Many of our realtor clients ask this question and I was looking for an easy way to explain it.&nbsp; Based upon the three answers, it looks like above 740 gets you the <a href="http://www.zillow.com/Mortgage_Rates/">best rates</a> and below 620 is the line for being outside the lending box,&nbsp;and&nbsp;taking into consideration&nbsp;all of&nbsp;the other key factors described by Mr. Zeller. &nbsp; Is this a correct assumption? Tue, 11 Aug 2009 17:54:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-11T17:54:00Z If you're not looking for ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ <strong>If you're not looking for cashout and simply want to lower the rate, a score of 620 should give you access to the best rates.&nbsp; There are other risk factors that will be analyzed carefully by the lender's underwriter with a score of 620:<br/><br/>-Debt to Income ratio<br/>-LTV (80 or lower helps)<br/>-Job history<br/>-Cash reserves in savings or 401K<br/>-No <a href="http://www.zillow.com/mortgage/">mortgage</a> lates in last 12-24 months<br/><br/>Hope this helps.&nbsp; good luck!</strong> Tue, 11 Aug 2009 17:39:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-11T17:39:00Z here is the link to fannie ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ here is the link to fannie mae with the loan level adjustors<br/><br/><a href="https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf" rel="nofollow">https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf</a> Tue, 11 Aug 2009 17:16:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-11T17:16:00Z It will be much easier if ... http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ It will be much easier if you state your <a href="http://www.zillow.com/mortgage-glossary/FICO/">fico</a> score,&nbsp;loan to value and type of transaction ( rate and term refi, cashout refi, purchase ) Tue, 11 Aug 2009 16:10:00 GMT http://www.zillow.com/advice-thread/What-is-the-lowest-credit-score-to-receive-the-best-mortgage-product-What-are-those-tier-levels/266790/ 2009-08-11T16:10:00Z