This is for my future information. What is the minimum that your credit score has to be in order to quilify through a bank to buy your first house? On a scale between 350~850. Thanks.
2007-12-15 05:16:26 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I live in West Virginia but I also like Maryland.
2007-12-15 05:26:09 · update #1
If you are able to prove your income, 620 would get a reasonable deal.
Bu it varies widely, you may qualify for an FHA loan or other government agencies' loans even with lower scores.
You'd better off check it with a knowledgeable mortgage broker.
2007-12-15 05:59:49 · answer #1 · answered by Milanese 2 · 0⤊ 0⤋
There is no minimum score. As long as you don't have NEGATIVE information in your history, you can get a mortgage WITHOUT a credit score. The process is known as manual underwriting and was used by ALL banks before FICO was invented. It involves actually investigating you payment history (not just pulling a credit report) and looking at you income. An actual decision is them made about your ability to repay the loan. The average Millionaire has NO FICO score.
2007-12-15 07:31:41 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋