What credit score is need to qualify for a home loan?
June 29, 2010 · Posted in Qualify For A Mortgage
What credit score do I need to qualify for a loan at all, not necessarily a loan with a great interest rate? Due to some student loan problems over the past year, my credit score has plummeted into the 500s from around 700. I earn 6 figures and I have very little debt, so that should look ok to lenders. I’m just wondering what my credit score needs to be before I can even consider applying for a mortgage.
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You need a FICO score of at least 620 to even be considered for an FHA loan. Conventional loans want a score of at least 720 – 740, plus 20% down and closing costs.
The negative student loan problems could be enough to keep you from getting approved even IF you had a score in the high 700s. You may have to wait till you have 24 months of consistent, on time payments showing on the student loans.
You will probably need to get your score in the 600′s, but it would definitely help if you could come up with a good down payment since you won’t be trying to obtain as large of a mortgage.
You need a 620 or higher for an FHA loan. I recommend going to a bank and sitting down with someone there to pull your credit and have them give you an idea of exactly what you need and what amount of time you could have it done. Good luck!
Depending on the actual cost of the home, you could get an FHA. That is 3 percent down, and a good interest rate. If you are on top of your debts, and making all payments on time, then you are good to go.
On average, you need to be above 600, and 680 for a conventional loan with a good rate. But with an FHA, your score does not even play a factor in qualifying.
You are required to have a FICO score of at least 620. Basically, the percentage will affect how the loan qualification will go.
You need a 620 or higher for an FHA loan
Alex@Frontierville´s last [type] ..Missioni FrontierVille – First Day of School
You must have good credit record for getting a home loan. Home loans are bigger loan which required good credit records.
I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don’t need these credit cards and I would like to cancel them and have this “possible credit” to go towards the new card. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?
e, you need to be above 600, and 680 for a conventional loan with a good rate.