Posted on: 31st Aug, 2009 08:39 pm
I can not afford to rent anymore!
Hi jayray,
The lowest FICO score required to get a home loan is 620 points. This qualifies you for an FHA loan. In order to get a conventional loan, you need a FICO score of more than 700 points. What's your FICO score? Do you have any negative items on your credit?
The lowest FICO score required to get a home loan is 620 points. This qualifies you for an FHA loan. In order to get a conventional loan, you need a FICO score of more than 700 points. What's your FICO score? Do you have any negative items on your credit?
Each lender has a different set of guidelines. I know lenders that will still do a FHA purchase with a fico as low as 580. The catch is, you can not be late on any tradelines (credit cards, auto loans, etc.) within the last 12 months and you might have to provide 12 months of rental history and proof of payments.
Anthony A
Sacramento, CA
Voyage Home Loans
Anthony A
Sacramento, CA
Voyage Home Loans
That is really interesting inthis market condition
FHA doesn't have a minimum Credit Score, BUT the Investors are now requiring a Minimum Score of 620. This is the lower of the Borrower's and Co-Borrower's Mid-Fico (or Credit) Score.