whats the absolute lowest credit score you have to have to get a mortgage loan

FHA does not have a minimum, however if your score is below 580, you would need 10% or more for a down payment.. but keep in mind that FHA does not lend money.. they only insure loans against default.. the lenders who actually make the loan can, and often times do have their own set of guidelines, and it's these additional rules that say what the minimum credit score is for them to lend.. most lenders like 640 or above, however there are some that go as low as 500.. the first thing you need to understand is that it takes more than a credit score to qualify for a mortgage.. if you have a foreclosure, BK, repossession, tax liens, unpaid student loans.. it wont matter if your score is 760, you can still get denied if you have one of these issues.. if you wish to know for sure about your qualifications and how and approval would be possible within your scenario, then you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

NO LImit but under a 580 and you'll need a lot of down payment money.

There is not a minimum for FHA technically, however, banks do impose their own limits. To get a decent rate you should work to bring your score above 620, or even better a 640 and then apply for a mortgage.

There is not a minimum for FHA technically, however, banks do impose their own limits. To get a decent rate you should work to bring your score above 620, or even better a 640 and then apply for a mortgage.

Hi Jordan, Absolute Lowest Score is 500. I work with a subprime lender. However, you would need 35% down payment and you may want to consider your interest rate will be around 9-12%. FHA can go down to 580. However, you would need a 10% down payment. Rates are better. About 4-5% right now. Conventional loans are 620 minimum and offer good rates and can go as little as 3% down. Let me know if you need any help and possibly some work on that credit score.? Thanks. 949-529-5521. www.homeloansbydavidsanders.com

FHA technically has no minimum but banks impose their own guidelines. The lowest I've seen is 580.

FHA does not have a minimum, however if your score is below 580, you would need 10% or more for a down payment.. but keep in mind that FHA does not lend money.. they only insure loans against default.. the lenders who actually make the loan can, and often times do have their own set of guidelines, and it's these additional rules that say what the minimum credit score is for them to lend.. most lenders like 640 or above, however there are some that go as low as 500.. the first thing you need to understand is that it takes more than a credit score to qualify for a mortgage.. if you have a foreclosure, BK, repossession, tax liens, unpaid student loans.. it wont matter if your score is 760, you can still get denied if you have one of these issues.. if you wish to know for sure about your qualifications and how and approval would be possible within your scenario, then you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

With an FHA loan you can usually qualify with a credit score as low as 580, although you may be penalized with a higher interest rate.

I know of one lender that goes down to 500, but you would need 10% down. With a 580 I have three lenders that are doing 96.5% loan to value under FHA. One of them is based in California. They have their own guidelines on top of FHA's guidelines that may prohibit you from obtaining financing as credit score is not the only qualifier in a mortgage loan transaction. I do not lend in CA and am licensed in TX, but I would be more than happy to give you their information if it would help you. I would put this disclaimer on it that their performance has nothing to do with the way I do business as I am in no way affiliated with their internal procedures. Brad Cahoone - NMLS ID 184176 - Global Home Finance Inc. NMLS ID 316441 - bcahoone@globalhomefinance.com - 972-724-3222 x 227

Credit score alone does not a loan approval make. Generally speaking, once you get below 620, there is usually items on your credit report that regardless of your score will get the loan denied. Work on getting your score above 620 as opposed to trying to find someone who will work with a poor score.

580

As far as we can help you it is a 580Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!