What is the minimum income and credit score require to finance a house? Looking to finance $150,000.?

Answer 1

For a credit score in the range of 585-599, you may have to make a down payment of nearly 5% to be approved for a home mortgage loan. Even in this case, your approval will come from a subprime mortgage lender. You have to approach a lender who deals exclusively in loans for people with not so perfect credit or in situations that cause difficulties in getting a mortgage.

If your credit score lies between 600 – 620, you might be easily approved for 100% financing. Even in this case, you have to approach a subprime lender.

For a credit score of at least 620, you can easily avail of 100% financing, along with a reduced rate of only 1 - 2 percentage points more than the prime rate.

Answer 2

need more details. are you looking for 100% financing? lenders are getting tighter... probably a minimum of 600 score (MIDDLE score of all three) is needed for 100% financing. If the max debt ratio is 50% and you have no other bills, you'd probably need to show a minimum of $30k a year. but, sit down with a good mortgage consultant to get the specifics. a good one will discuss your current options, go over your credit, and at the very least, give suggestions how to get there.

Answer 3

FICA score not needed to get a house ask for a underwriter and have them make the checks that are needed to give you a loan normal amount that they look for is that the payment not to exceed 25% of your take home check.

Answer 4

That really depends on the lender. Some lenders are very lenient with regard to income and others aren't. You should talk to a few potential lenders before you settle on one.

Answer 5

You need a minimum of 630. I think the income can be 35,000 a year.

Answer 6

WTH??? ONLY???? I'm from Cali....our homes cost a MINIMUM of 500k...so I can't help you.