Posted on: 16th Oct, 2008 02:44 pm
I have reported ID theft and credit challenges I am wondering is there a required score needed to be considered for a lhome purchase loan
The magic number is 580 mid score.
If your looking to purchase using FHA, USDA, VA, or conforming loans then the vast majority of lenders require at least a 580 mid score assuming there are no other wildly compensating factors such as more than 10% down, lots of money in reservers or something along those lines.
I'm not saying that you can't get it done with a lower score, but if you want the best shot then a 580 mid score is where it's at.
If your looking to purchase using FHA, USDA, VA, or conforming loans then the vast majority of lenders require at least a 580 mid score assuming there are no other wildly compensating factors such as more than 10% down, lots of money in reservers or something along those lines.
I'm not saying that you can't get it done with a lower score, but if you want the best shot then a 580 mid score is where it's at.
Hi sincereviews!
Welcome to forums!
To get FHA loans, a credit score of 580 is a must. I don't think lenders will give you home loans if you have a lower credit score. And if they agree to give, they will be demanding higher interest rates.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
To get FHA loans, a credit score of 580 is a must. I don't think lenders will give you home loans if you have a lower credit score. And if they agree to give, they will be demanding higher interest rates.
Feel free to ask if you have further queries.
Sussane
