what is a minumum credit score to get a $150,000 home loan?

Answer 1

There is not "minimum score" lenders look at. If your score is good (700 and above), look among regular banks and mortgage companies. If your score is not so good (below 600), look among sub-prime lenders. If your score is in between, look both places. However, income is more important to lenders than the credit score.

Answer 2

There are alot of factors involved - the most is job time - and income - you may have to go stated income to qualify - plus your credit score is huge in making the decision. It also depends on the apraised value of the property. If it got appraised at 150,000 the LTV is 100 so you would need 560 + to get financing....at 100 percent - that would be a 80/20 combo loan - rates are better that away. For a one loan: Credit score 580 to 620 rates are better, 630 higher rates are even better - If the property got appraised at 180,000 you could do a 85/15 85 percent you, and the seller 15 percent (forgiven) after close....if they agree, your loan amount would be 153,000 and have seller help with 3,000 of closing cost....that is legal.....Hope this helped.

Answer 3

Forget the credit score. If you are worried about bad credit, you shouldn't be buying a home any way. Here's the formula that mortgage companies use. Multiply your husband and wifes gross yearly income by 2.5. That is the purchase price for your home. You can generally afford a 6 percent Fixed Rate 30-year mortgage payment with this income.

Answer 4

If you are looking for 100% financing Most lenders will go to 580. I do know of a few that will go to 100% with a 560 but rates are not the greatest.
http://www.lendermark.com

Answer 5

For Finance and credit solutions I always visit this website where you can find all the solutions. http://creditandfinancesol.info/index.html?src=5YAyupqlHD761

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