Posted on: 28th Aug, 2009 01:24 pm
What is the minimun credit score that is acceptable. For a 30 yr fixed loan or an FHA.
I am looking to get a loan early next year for about $65,000 to buy a duplex/condo in Naugatuck, CT. I am working on my credit now to improve it. I am from CT ,but currently live in NC. I really need to move back to CT, ASAP. This mortgage would actually be cheaper than rent and help me alot.
Please let me know the minimun credit scores allowed.
Thanks
I am looking to get a loan early next year for about $65,000 to buy a duplex/condo in Naugatuck, CT. I am working on my credit now to improve it. I am from CT ,but currently live in NC. I really need to move back to CT, ASAP. This mortgage would actually be cheaper than rent and help me alot.
Please let me know the minimun credit scores allowed.
Thanks
Typically minimu credit score these days for an FHA loan is 620.
Typical credit score for Agency 30 year fixed is 620 but when score is below 740 the rate is higher.
The condominium guidelines for FHA change on October 1, 2009 and to get an FHA mortgage on a condo will require some lender getting the condo project approved.
Typical credit score for Agency 30 year fixed is 620 but when score is below 740 the rate is higher.
The condominium guidelines for FHA change on October 1, 2009 and to get an FHA mortgage on a condo will require some lender getting the condo project approved.
cj, for fha you need a minimum 620 score; for conventional, that depends on your down payment, but you'll want a score quite a bit higher than that, perhaps as high as 700 to get a reasonable rate these days. the fha option is better as far as that's concerned, in general terms.
you said "duplex/condo" which doesn't quite describe what it is for me - if it's a condo, you want to be certain that it meets guidelines for fha - a lot of time gets wasted if it does not. and if it's a 2-unit condo, that's going to bring a new set of questions to the table (i can't tell you what at this time, but it's not going to make the process any easier).
in either event - fha or conventional - you'd be best served by a 30-year fixed rate loan, and they are, of course, available; and at good rates these days. if you happen to be a first-time homebuyer, there's chfa with an excellent rate and details.
you said "duplex/condo" which doesn't quite describe what it is for me - if it's a condo, you want to be certain that it meets guidelines for fha - a lot of time gets wasted if it does not. and if it's a 2-unit condo, that's going to bring a new set of questions to the table (i can't tell you what at this time, but it's not going to make the process any easier).
in either event - fha or conventional - you'd be best served by a 30-year fixed rate loan, and they are, of course, available; and at good rates these days. if you happen to be a first-time homebuyer, there's chfa with an excellent rate and details.
cjholt
you are right, monthly payment for 65K - 30 yrs loan will be chepaer. you can plan for FHA loan. Minimum credit score is 620 for FHA loan
you are right, monthly payment for 65K - 30 yrs loan will be chepaer. you can plan for FHA loan. Minimum credit score is 620 for FHA loan
