A "Series of FAQs" from the Desk of Russell Smith: Day 21

Monday, 01 November 2010 18:24

Q: What is the minimum credit score I need to qualify for a mortgage?

A: Our minimum credit score needed at this time on all programs is a 620 middle score.  The middle score means ignoring the high and the low score of the 3 credit bureaus and using the middle.  Keep in mind, just because someone has a 620 score, it doesn’t mean an automatic approval.  It is possible to have never paid anything on time and still have a 620 score, believe it or not.  In that case, of course, there would not be an approval.  The higher the credit score, the better chance of loan approval and the better the rate will be.  It is very important to know what your scores are and what makes up a credit score.