What is the minimum credit mark to attain a mortgage?
The broker we had been working beside in the past is out of town until Monday, and I don't want to name around and have my credit report run a million times.
My score is 645, my husband's is 612.
I remember her axiom we had to get it up to 600-and-something, but can't rember what. Just figure I'd waste 5 points asking on here and seeing what I could find out before Monday. :)
Thanks.
EDIT: We are first time buyers and own no money down -- we are qualifying for a special program where we entail nothing down.
Answers:
let me guess youre getting an FDA or FHA loan. My score be 640ish and my husbands was 720. We got it near no money down.
Tough question to answer because this is concerned of a moving target with a lot of variables. However, currently a rule of thumb is that 660 is in the region of the minimum needed to qualify for a conventional mortgage. You would need higher to bring back a competitive interest rate.
FHA loan?
Standby...I just emailed my right friend - the amazing mortgage broker guy :)
Get back to you on that shortly. (I'm in AZ by the method...I don't know if it matters by State).
EDIT: and I quote... "600 :) but if they have a 580 later it might be possible in 90 days"
We had perfect credit, later a sudden bankrupcy (we were guarantors on some massive loans), then flawless payments since. Our credit score never dropped below 580; last I checked they be around 620. We were told to get it above 640 to draw from a decent home loan. We should be buying a house in the coming months. I don't know what our evaluation is now, but we're doing an FHA loan with the minimum down and hold been approved based on preliminary info.
AngieBee, does the "FDA" contribute out loans now? LOL
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My score is 645, my husband's is 612.
I remember her axiom we had to get it up to 600-and-something, but can't rember what. Just figure I'd waste 5 points asking on here and seeing what I could find out before Monday. :)
Thanks.
EDIT: We are first time buyers and own no money down -- we are qualifying for a special program where we entail nothing down.
Answers:
let me guess youre getting an FDA or FHA loan. My score be 640ish and my husbands was 720. We got it near no money down.
Tough question to answer because this is concerned of a moving target with a lot of variables. However, currently a rule of thumb is that 660 is in the region of the minimum needed to qualify for a conventional mortgage. You would need higher to bring back a competitive interest rate.
FHA loan?
Standby...I just emailed my right friend - the amazing mortgage broker guy :)
Get back to you on that shortly. (I'm in AZ by the method...I don't know if it matters by State).
EDIT: and I quote... "600 :) but if they have a 580 later it might be possible in 90 days"
We had perfect credit, later a sudden bankrupcy (we were guarantors on some massive loans), then flawless payments since. Our credit score never dropped below 580; last I checked they be around 620. We were told to get it above 640 to draw from a decent home loan. We should be buying a house in the coming months. I don't know what our evaluation is now, but we're doing an FHA loan with the minimum down and hold been approved based on preliminary info.
AngieBee, does the "FDA" contribute out loans now? LOL
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