What is the minimum credit score needed in order to obtain a mortgage for a house?

Just curious to know what type of credit score/history lenders look for when approving people for a mortgage.

What is the minimum credit score needed in order to obtain a mortgage for a house?

It has gotten alot tougher recently with the subprime mortage fallout, and continued high foreclosure rates. It has spooked lenders, and caused them to be very conservative.

The average credit rating right now is around 700, so you are going to want at least a 600. Expect also to put down 10%, and show proof of stable income.

Worth noting, you might be able to get away with having one criteria lower, if you can compensate with something else. Like if you are credit rating is only 550, but have 30% down, they will probably work with you.

Best of luck with your search.

What is the minimum credit score needed in order to obtain a mortgage for a house?

I am a mortgage lender in the subprime market which means I lend to people with less than perfect credit. Most lenders will go as low as a 520 or 500 credit score. The only other option if your score is below that is a hard money loan which will reguire alot of equity and you also will pay through the nose in fees but there is no minimum score requirement. Hope this helps!

What is the minimum credit score needed in order to obtain a mortgage for a house?

Most lenders will give you some sort of a mortgage if your credit score is 550 or higher although there are those that will go down to as low as 525.

The lower your score, the bettere your interest rate will be and the lower your payments as well! You really need to start looking into cleaning up your credit report and boosting your score!

I did it with help I got from this website below. My credit scores were an awful 480 and I got it up to 709 in one year! This site is great at explaining all this in simple terms and details and I recommend them!

You need to get the RSS feed to since you really need to learn how to avoid credit repair and this is the best way how, learning how to fix mistakes and challenge your negative items in your credit report!

What is the minimum credit score needed in order to obtain a mortgage for a house?

If you are looking for a mortgage, the first thing you should do is to make a mental note to yourself...NO SUB-PRIME LOANS!!!

I have never had a need to put anyone in such a situation.

Go with FHA.

Easier to qualify for than VA, and many sub-primes. Near conforming rates.

The trick is, finding a loan officer, originator, mortgage broker, or banker in your area that knows anything about the simplicity of the FHA Loan.