Posted on: 10th May, 2010 06:13 am
After reading that about 50% (or higher) of american families are behind in some of their bills and mortgages I was wondering what the typical FICO score is now. A couple of years ago it was 720 with the economy the way it is and more jobs being lost daily.I was just wondering about the typical score now in 2010. I feel that it has to be in the 660 range due to all the litigations for mortgages and late payments on credit cards and charges. I can't find out anywhere the scores. Maybe some mortgage writer will have this information..
Hi tedt,
In order to get a conventional loan, you would require a credit score of 700-720. However, to qualify for a FHA loan, the required score is around 620. Apart from the credit score, there are other factors which are taken into account while the lender approves a loan for you.
Take care.
In order to get a conventional loan, you would require a credit score of 700-720. However, to qualify for a FHA loan, the required score is around 620. Apart from the credit score, there are other factors which are taken into account while the lender approves a loan for you.
Take care.
Found info according to a well known credit reporting agencyy the average americans fico score is 670 down from 4 years ago it was 720....
Hi,
It is always better to improve the credit score then apply for a loan. The minimum requirement for getting loan is 620. However, there are lenders who provide loans with low credit score of 580. It is also important to check the loan agreement before signing it as there are hidden charges in case you have low credit score. It is also true that you will get less options like interest rate and down payment with low credit score. So, I would advise you to improve your credit score to 700 to 720 then apply for any loan.
It is always better to improve the credit score then apply for a loan. The minimum requirement for getting loan is 620. However, there are lenders who provide loans with low credit score of 580. It is also important to check the loan agreement before signing it as there are hidden charges in case you have low credit score. It is also true that you will get less options like interest rate and down payment with low credit score. So, I would advise you to improve your credit score to 700 to 720 then apply for any loan.
What are the lenders willing to write a 603 score?
Hi jenjen!
Welcome to forums!
Your query is not clear to me. These days, there are hardly any lender who will offer you a loan with a score of 603. In order to get even a FHA loan, you would require a score of 620.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your query is not clear to me. These days, there are hardly any lender who will offer you a loan with a score of 603. In order to get even a FHA loan, you would require a score of 620.
Feel free to ask if you've further queries.
Sussane
I know First American Mortgage Trust will...but I did not qualify because they base their decision on rental history, of which I have none. I manged to save twice my proposed mortgage payment in ONE YEAR but that was not good enough for them. My score was 611 at the time I applied and they denied me on manual underwrite. There are 2 other banks in the US that write 580-619 but I can't recall which ones.
I know of several lenders that will lend down to a 580 score. Do your research, you will come up successful.
