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2006-06-20 07:59:21 · 4 answers · asked by alexanderbecky 2 in Business & Finance Credit

4 answers

700

2006-06-20 08:03:35 · answer #1 · answered by Anonymous · 0 0

A FICO score of 720 is optimal. That score will allow you to take out about any type of loan you want. The next tier down is 680, and most mortgage products are available with that score. 620 is the next tier down, with many products still available to you. 580 is where the cut off begins to happen. You can still get an FHA loan or a "B" paper loan, which carries a higher interest rate. Anything below 560, you should probably work on your credit before attempting to buy a home. Talk to a good Realtor and let them set you up with a mortgage broker to evaluate your particular situation. There is no cost involved and no substitute for good planning regarding such an important decision.

2006-06-20 08:09:52 · answer #2 · answered by steven s 2 · 0 0

you will qualify for Fannie Mae or Freddie Mac at 620 or greater. This is the conforming market. The higher the score goes the less you may have to prove to an underwriter. FHA does not require a score at all in fact you can also Get a conforming loan with NO score at all. It will have to be manually underwritten though.The REALTOR is NOT Correct. How ever most of them think they are any way! I am a Mortgage professional. REALTORS __SELL HOMES __THEY DO NOT FINANCE THEM!

2006-06-20 08:25:49 · answer #3 · answered by golferwhoworks 7 · 0 0

Most finincial institutions will look for 700 or higher as a good score and will offer the best rates.

2006-06-20 11:07:38 · answer #4 · answered by John H 4 · 0 0

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