Hello, 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!
2007-04-08 11:07:52 · 10 answers · asked by autumnwanderlust 2 in Business & Finance ➔ Renting & Real Estate
My husband and I have a middle credit score of 565, that we checked two months ago. That is why I was curious to find out if we could get a mortgage or not.
2007-04-08 12:08:57 · update #1
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, 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.
2007-04-08 11:26:37 · answer #1 · answered by Expert Mortgage Banker 2 · 1⤊ 0⤋
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.
2007-04-08 11:29:13 · answer #2 · answered by ttpawpaw 7 · 1⤊ 0⤋
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.
2007-04-08 11:55:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-11-27 19:21:48 · answer #4 · answered by cornelius 4 · 0⤊ 0⤋
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.
2007-04-08 11:26:46 · answer #5 · answered by CJ 3 · 1⤊ 0⤋
For free consumer information and advice on mortgage loans for first time home buyers with bad credit read http://www.mortgageawareness.com
2007-04-08 12:09:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
For Credit and finance solutions I visit this site where you can find all the solutions. http://SMARTFINANCESOLUTIONS.NET/index.html?src=5YAyupqlHD761
RE :What is the lowest credit score to get a mortgage?
Hello, 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!
Update: My husband and I have a middle credit score of 565, that we checked two months ago. That is why I was curious to find out if we could get a mortgage or not.
1 following 9 answers
2017-03-26 19:57:09 · answer #7 · answered by ? 6 · 0⤊ 0⤋
I rent from a private home owner, I have never been late with the rent but I do have bad credit from my past can a private homeowner report my timely payments
2015-11-21 05:17:04 · answer #8 · answered by Linda Steele 1 · 0⤊ 0⤋
Never gave this much thought
2016-07-28 11:22:02 · answer #9 · answered by ? 3 · 0⤊ 0⤋
this is uncertain there are basically more answers to the question..
2016-08-23 23:07:07 · answer #10 · answered by Anonymous · 0⤊ 0⤋