2006-07-13 05:56:42 · 8 answers · asked by myproblem 1 in Business & Finance ➔ Credit
650
2006-07-13 05:57:51 · answer #1 · answered by Bors 4 · 0⤊ 0⤋
Anything above 620 (typically) qualifies for a Fannie Mae/Freddie Mac approved loan. There is a desktop underwriting engine for Fannie Mae (DU) and Freddie Mac (LP) that your information will be inputted into. If it qualifies, it qualifies. If it don't it don't. The whole advertising "the best rates" thing is a pile of crap. All these companies are doing is advertising different cost scenarios based off of the same rates. every A-paper loan in America gets bulked and sold on Wall Street at the same premium per the same day locked.
I have qulified loans for people with as low as 565 credit scores on DU. Keep in mind there where strong compensating factors. time in job, time in home, no mortgage lates in over 6yrs, a lot of assets, etc...
2006-07-13 06:12:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The higher the better but 700 is not bad, 650 is average, of course there are lots of other things involved.
2006-07-13 05:59:56 · answer #3 · answered by redhotboxsoxfan 6 · 0⤊ 0⤋
615 and above. Stable income, and on the job for over 2 years. I was a 620 when I bought my house 2 years ago and still got a 6.25% rate.
2006-07-13 06:00:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
600's are good enough. Big down payment is always a plus
2006-07-13 05:59:09 · answer #5 · answered by elguzano1 4 · 0⤊ 0⤋
i would aim for near 700... that would get you a decent APR and all that good stuff, 720 is probably ideal....
2006-07-13 05:59:29 · answer #6 · answered by dance_chica_2005 3 · 0⤊ 0⤋
you can get one at 620
but its easier at 650 or higher
2006-07-13 05:59:51 · answer #7 · answered by Lindsey 3 · 0⤊ 0⤋
There is some useful tips here.
2006-07-13 07:07:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋