Comments

1. acermill Said,

   In the current market roughly 625 is about as low as you can go without getting a usurious interest rate. A few years ago, it was different, but lenders have tightened up considerably on minimum credit scores.
   References :

2. ruscito_mom Said,

   You can have any credit score and get a loan thru FHA. Credit score will not matter. Low score is below 620. I have gotten people loans in the 400’s. Rates as low as 7%
   References :
   Loan Officer

3. Flyby Said,

   Lenders typically prefer a credit score of 650 or higher. There are probably still those who will make a loan with a lesser score, but rates will be higher and other terms may not be as favorable. I suggest getting a copy of your credit report and score and find a mortgage broker in your area. They can usually direct you to those who are most likely to make a loan to you with your scores. They will also help package the loan and shop it for you.
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4. Gregorio Said,

   You would have to clarify that more. Your options start to seriously change at 680 generally for "A" paper lenders and around 620 for others. That does not mean you cannot get a good rate with a score below that, it just means your options change. You may need more down payment, or more documentation or more money in reserves. Many factors go into a mortgage rate so it’s hard to just answer based on rate. As for the person that said they got someone a loan at 7% with a 400 FICO, well, that;s just an outright fabrication. I’m sure they will argue that it;s true but I assure you it is not. No way no how! And yes I know FHA is not FICO driven, but I still say "horsepuckey"!
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5. diesel6999999 Said,

   Dear Boat, It would serve you better to find out why your score is low! There are numerous ways to improve your score, but first review it and check the info that’s being reported, if incorrect go on line to that agency and fill out an OPT-OUT form to challenge the mis-information. Pay any collection you DO owe, (get proof of pmt.). It is true that F.H.A., V.A. and U.S.D.A. do not use fico score, but they review c/r and derogatory credit is a reason for denial! Good Luck!
   References :
   Retired Mortgage Auditor (30+yrs)

6. oteb p Said,

   Currently 620 and above can get you a good rate especially if you fall under one of the many affordable housing programs out there. under 620 and down to 500 be ready to have at least 15 -20 percent down and the rate will be in the 9’s or higher just the current nature of the beast.
   References :
   Loan Officer
   Amerifinancial Home Mortgage Inc. Barrington IL

7. Landlord Said,

   It is funny how many opinions there are. I think anything under 680 is low, and you should not get a loan at all, that low obviously can not cope with making payments of any kind. I would never allow mine to drop below 770 because I hate paying interest. 625 is ridiculously low.
   References :

8. El Diablo in Mexifornia Said,

   In California, if you’re under 700. Forget it.
   References :

9. Carolinahomerates.com Said,

   620 and below is considered subprime.

   FHA has a no score requirement so you can have a 400 and still get a mortgage. You only need 2.25% for a downpayment but you cant have any credit lates in the last 12months!
   References :
   http://carolinahomerates.com