What Is The Minimum Credit Score Required To Qualify For A Fixed Mortgage?
I am familiar with the subprime lending that has taken place and how it has affected the economy and the lending industry in general and I don’t want to waste my time applying for a mortgage until my credit score is where it should be.
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4 Responses to “What Is The Minimum Credit Score Required To Qualify For A Fixed Mortgage?”
Comment from Doctor Deth
Time July 29, 2009 at 8:51 am
there probably isn’t a set minimum – or different with each mortgage company – the lower the score, the higher your rate will be, if you make enough to qualify for the higher rate monthly payment, have enough down payment and closing costs cash and have low enough other debt, shouldn’t be that much of an issue
Comment from mcmdcak
Time July 29, 2009 at 3:41 pm
720 range is most desired, but DOWNPAYMENT amount is a bigger determination factor.
My nephew is sub-690 but got a 30 yr fixed by having 35% appraised equity.
Comment from Cookie
Time July 29, 2009 at 7:26 pm
Mine was 804 when I got my mortgage.
Comment from Sun and Sand
Time July 29, 2009 at 7:55 am
There is no minimum score requirement. Everything depends on the bank or brokerage you are using. If your not sure, go to a local bank and discuss your situation with them. You will then know what you can/or need to do.
You are wise to avoid the sub-prime market. It can ruin you.