What credit score do I need to be considered for a home loan?
I want to buy my first home before the rates get too high, but I don't know if my credit is good enough.
Answers | 11
There are a multitude of loan programs that require credit scores that are across the spectrum.
The most efficient way to approach purchasing a home is to first connect with a reputable mortgage lender / loan officer and begin the preapproval process. During this process, the loan officer will pull your credit report and present to you, the best options for a mortgage loan not just based on your credit alone, but also on your overall financial profile.
I hope this helps and good luck.
even though there are programs with borrowers with as low as 500 fico score, we still need to review the credit to make sure that you qualify for the program. depending on what is the reason behind your low fico score you may not be eligible just because your fico score meets the requirements.
The lower the credit score the higher the interest rate. Most mortgage loans under 620 requires a 10%+ down. So shoot for a 620 or above and make sure you have no recent negative info for at least 12 months. Collections, charge offs, etc. 2 years and younger should be taken care of.
Begin the pre approval process to find out for sure ..this process is easy / free and should be able to help you with all your other questions too ...all the best