Acceptable credit score for mortgages

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Acceptable credit score for mortgages

You see a home you are interested in and you want to know if you would be able to qualify for a mortgage loan.

What is an acceptable credit score for mortgages you want to know.

As with many things in life, it depends.

You can get away with a low credit score if you have a large income with documentation and a large downpayment.

Having a co-applicant with a high credit score would also help you get a mortgage.

In certain cases you can have a credit score as low as 500 and still be approved for a mortgage.

Of course you will have to pay a higher interest rate and need to provide more documentation but a mortgage is still possible.

There are home lenders out there who still make sub-prime loans to people with low credit scores.

You could also look into an FHA loan.

They have lower lending requirements that allow you to come up with a lower down payment and a lower credit score.

The interest rate is comparable to a conventional mortgage loan.

The higher the credit score the better your odds of getting approved for a historically low mortgage loan rate.

A 620-650 credit score is OK.

A 650-700 credit score is better.

Credit scores of 700 and up is best.

If you have the income and the downpayment required, having a low credit score (500-600) is not enough to prevent you from getting a mortgage.

If you have a little bit of time, such as 6 to 12 months, you can use that income to pay down your debts and make all your payments on time to boost your credit scores and make it easier to have an acceptable credit score for a mortgage loan.

See how your credit score stacks up totally free instantly online with Credit Karma.

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http://www.bestfreecreditscores.com/freescore.php

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Acceptable credit score for mortgages