what credit score do you need to get a mortgage for $125,000?

I have a lender who offers an FHA loan down to 560 with 10% downpayment with 4 month of reserves (taxes/insurance). If you have at least a 580, I have a lender who will do an FHA loan with 3.5% downpayment. Both of these programs need to have NO disputes on your credit report. I am located in the lower Rio Grande Valley (McAllen, TX). If you would like more information, please feel free to contact me at (956) 627-3567.

It takes more than a credit score to get a mortgage... debt to income, type of income, type of good credit references, job time, past mortgage history, etc... most lenders have minimum credit scores, the majority asking for 640 or above, however there are lenders that go down to as low as 560... obviously, the lower the score the harder it is to qualify... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If your score is below 600 you are out of luck unless you are looking to put 35-40% or more down. To know what you will qualify for, connect with a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

There are programs out there that are mentioned below but the % of FHA loans that actually get approved with scores below 640 is minimal. If you do get approved with a lower score, you'll be paying a higher rate. Good luck!

Most lenders can go as low as 620-640 but it also assumes the home is for your residence. Some (like others who have responded) may be able to go lower. Anything below a 600 generally is going to require a larger downpayment and some special circumstances for the low credit.

It really depends on the lender. Speak to a mortgage broker not a bank that covers Texas. Good luck!