What is the lowest credit score to get a mortgage?

Posted on Nov 13, 2024 in FHA Information

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Question by Emmu: How wise would it be to try to buy a home when I possess bad credit?
My fiance and I want to buy a home but our credit is not good. His is better (in the high 600) and mine is in the low 600. Would it be better to wait until our credit improves to buy a home(this might take years) or to try and buy a home now and face higher rates?

Best answer:

Answer by bishop_larry
I would try an interest only loan for 3-5 years, diagnosis this would enable a decent payment even with a high interest rate. Show the lender a good payment history and refinance at a later date. Depending on your current rental costs the interest only mortgage pmts might be similar.

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Of those refinance applications, salve 29 percent of them in the first week of December were applied for through the federal Home Affordable Refinance Program (HARP). That program, of course, is the one set up to help people who are having trouble paying …
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Question by sparklle0913: If I make 48, stuff 000 a year, more about can i be qualified to buy a house that ranges from 170,000-180,000?
How do i know i can get approved and if i am in Houston Texas, where can i go with this at a cheap mortgage lender at that. I want the best and good mortgage rate possible, does anyone have any recommendations for a first time buyer? Or any good loan places for a house?

Best answer:

Answer by Pablo
you cant afford it, plain and simple

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Château de Pizay
chateau
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Château de Pizay, shop Saint-Jean-d’Ardières, France.

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loan modification programs
by Chris Devers

Question by Annabelle: When does your home go into foreclosure?
If you haven’t paid for your mortgage in 3 years and have applied for various different types of loan modification programs, and but the banks are just taking too long to answer… what happens? What actually determines if your house goes into foreclosure or not? Also, more about a huge down deposit was put on this home…(i dont know if that makes a difference)
Thank you for your answer, cialis 40mg but does it not make a difference for the loan modification program we are trying to apply for? They have responded to us and said that they are trying to find the right program for us to modify our loan.

Best answer:

Answer by Janice 10
You home goes into foreclosure once you have not paid the mortgage and it does not make any difference how much of a deposit that was paid on the home. The mortgage needs to be paid or the bank will foreclose. The banks take longer to foreclose on a home due to so many homes that are being foreclosed the banks and mortgage companies are back logged and it can take a long time for the foreclosure to go through. Can you sell the home and pay off the mortgage thus keeping good credit and then later on buy another home. This would be much better then foreclosure, since the foreclosure goes against your credit record for 10 years.

What do you think? Answer below!
Question by autumnwanderlust: What is the lowest credit score to get a mortgage?
Hello, sildenafil I was curious about what type of credit score you have to get a mortgage? I live in TN. and we would be first time buyers. And what is the best mortgage for first time buyers? Thanks!
My husband and I have a middle credit score of 565, this web that we checked two months ago. That is why I was curious to find out if we could get a mortgage or not.

Best answer:

Answer by John L
The best mortgage in my opinion of being a mortgage banker for almost 2 decades was and still is the FHA Loan Program.

The lowest score for this varies amongst lenders. Ours is a 500. FHA does not have a score restriction.

There are other restrictions (loan limits, buy more about debt-to-income) etc. There are no income limits.

There is a 3% downpayment requirment. This can be absorbed by using a down payment grant program. Look at The Buyers Fund formally The Neighborhood Gold Program.

Other first time buyer programs are the FNMA Flex 100 and the FNMA My Community. Each have somewhat flexible guidelines.

But, FHA is your best choice. For more info visit my blog http://mortgagecounselor.blogspot.com or send me an email. I likely cannot lend to you, but I can clarify the process.

Add your own answer in the comments!

4 Comments

  1. Even thoughthere are some firsttime home buyer programs, the minimum scores lately are:

    700 (with most banks (after they tightened up recently) for 100% financing. Some it’s 680

    600 minimum with 5% down.

    Don’t quote me, these are just approximates. Certain buyer situations can change things.

  2. You ask several questions that just can’t be answered that easy. VantageScore Credit ranges from 501 to 990 and offers letter grades as well: A (901-990), B (801-900), C (701-800), D (601-700), and F (501-600).

    The score is not the final answer in getting a mortgage. When you have a lower score some items will will count more in your favor, such a good renting recore. A good one might get you the loan, but a bad one could put you out of the game.

    As far as deals are concerned you are going to have to do some research. You can start at http://www.firsthomebuyers.net/
    see what they have. Check with the city government to see if they have any programs.
    Good luck and just keep trying. If you get turned down at the first place try another, you know you are a good risk, all you have to do is convince them.

  3. Lenders vary in what they consider bad, fair, good or great credit. If you are talking about FICO scores – the range is 300 – 850, with 850 being the best.

    With the current housing situation, lenders who used to finance subprime mortgages are going bankrupt or deciding that they will no longer service these types of loans.

    We have increased our minimal FICO score requirement to 620 for new home purchase loans. We offer, free no obligation quotes, if you are interested.

  4. For free consumer information and advice on mortgage loans for first time home buyers with bad credit read http://www.mortgageawareness.com

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