What is the minimum credit score to get a mortgage?

What is the minimum credit score to get approved for a mortgage?

What is the minimum credit score to get a mortgage?

Credit score is one thing, depending upon where you go

your score can be as low as 610 but numbers below

680 will pay a higher interest rate, meaning that based on

how much they earn they can only qualify for smaller amounts.

Your debt to income ratio is also very important, you are

better off if your D/I ratio is 30% or less. Other factors

are how much do you have for a down payment and

how long is your credit history.

You may want to go and get a pre qualification, see

how much you qualify for (this does not mean that you

will get the loan, it means that from what they see

on your statement, this is the amount you would

likely be able to get), once you know how much they

think you can get you can compare that to the current

prices around the area you wish to buy.

When you start to get real serious, you can put in offers

that ask for some assistance such as paying 1/2 of your

closing costs, carrying part of a down payment and so

on. Your real estate agent should be able to help you

out of this.

Good luck in finding your new home!!

What is the minimum credit score to get a mortgage?

There are lenders that will work with just about any credit score as long as you are prepared to put a down payment of up to 20% and/or pay a higher rate of interest. The better shape you can get your credit in before starting the mortgage process, the better rate and lower down payment you will get.

What is the minimum credit score to get a mortgage?

It depends on how large a down payment you have and what type of rate you want. I wouldn%26#039;t really suggest it, but there are hard money lenders that will do a mortgage with no credit score at all if you have enough equity,(30-35% down payment).

For the best rate and payments possible, and up to 100%, you want to be above 680. People with medium credit, (620-680) can get into a home with a minimum down payment of 3-5% and conforming rates. And, idividuals with 550-620 can get a decent rate, not convention, but decent, by puting down 10-20 percent.

So, as stated before, it really depends on how much you have to put down on the property.