Posted on: 19th Dec, 2013 12:40 am
What is the minimum FICO score to get a mortgage?
Hi KN,
What kind of a mortgage are you looking for? In case of a conventional loan, you need to have a credit score of 720.
Thanks,
Jerry
What kind of a mortgage are you looking for? In case of a conventional loan, you need to have a credit score of 720.
Thanks,
Jerry
Depends on the type of loan program you are looking for? Different programs have different guidelines. Also it depends on which lender you apply with, because lenders may have overlays (their internal rules) in addition to the standard guideline.
580-600 in case of FHA loans.
Agency loans require minimum 620 FICO score (not 720; I have no idea where Jerry gets his information from)
FHA loans you are best off with minimum 620 credit score.
I have access to FHA loan with credit score down to 580. The rate is a little higher than if score is 620 or higher.
I have seen FHA with score down to 560, but, below 580 requires a down payment at least 10%.
FHA loans you are best off with minimum 620 credit score.
I have access to FHA loan with credit score down to 580. The rate is a little higher than if score is 620 or higher.
I have seen FHA with score down to 560, but, below 580 requires a down payment at least 10%.
