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 conventional loan programs is a 620 middle score. Our current FHA minimum score is 580, VA is 600, and USDA is 620. These minimums are subject to change. 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.
Russell, Amy, and his team are the consummate professionals. I am an attorney as well as a broker so I know who understands this process; that's Russell.
Deb Butler – Port City Pr...