662

Your score is certainly sufficient. You now need to meet all the other guidelines, such as income, job stability, sufficient assets, etc. And, of course, you must purchase a property that will be sufficiently valuable to allow for the amount of mortgage that you'll be seeking.

Are you sure it's 662? If you got it from one of the major credit bureau's, it's a "consumer" credit score, and Lenders don't use consumer scores. They use FICO scores. And the only place that offers the same FICO scores I'm going to see when I pull your credit is www.myfico.com. You'll need to get all 3 of your FICO scores, and use the middle score to determine your final score.

Loan applications are composed of 4 sections - credit, employment, assets and income. So, as George mentions, you're going to need to satisfy all 4 areas to get a mortgage. Employment needs to be 2 years in the same line of work, income will determine how much house you can afford, and assets shows the Lender your ability to save. All 4 will be combined to determine your interest rate, loan fees, and amount you're able to borrow.

There was a terrific article in USA Today last week concerning credit scores and how they differ from consumer use to creditor use. The author was Sandra Block, and it's entitled "Every credit score is not created the same." The article appears on their website and it's good reading for anyone - borrower, lender et al - anyone, frankly, who might be interested in learning about scores and the ways in which they're used.