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The answer to the question is: A FICO score of 550 is the minimum that will get you in. The problem is finding a lender that is willing to go that low. However, if you make LOTS of calls to hunt it down, it can be obtained. Any other credit issues have to be resolved also though e.g. open collection accounts, judgements, liens, etc.
Filed Under: First Time Home Buyer Tagged With: 8000 down payment, conventional loans, Down payment Assistance, FHA LOANS, First Time Home Buyer Program NC, loan limits, mcc, minimum credit score, student loan debt. Looking for a Home – When Do I Apply? July 14, 2014 By Eleanor Thorne 2 Comments
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First-time home buyers must meet minimum requirements regarding down payment, credit scores and debt-to-income ratio. Applications from first-time buyers are closely scrutinized because the prospective buyers may be taking on the biggest financial obligation of their lives, and lenders want to make sure that the buyers’ credit and financial backgrounds indicate that they can handle the.
Louisiana first-time home buyer programs make Pelican State homes more. The 640 credit score minimum and LHC location-specific income.
Although there isn’t a specific minimum credit score required for a first time mortgage loan, it’s important to maximize your score before starting the home-buying process in order to qualify and secure the best mortgage rate.
FHA loans are also beloved by first-time home buyers because they require a smaller than average down payment of 3.5%. However, this low down payment depends entirely on your credit score. To be eligible for an FHA loan, you’ll need a credit score of at least 500. However, even then, there’s no guarantee you’ll get approved.
What credit score do I need to get a mortgage? Although there isn’t a specific minimum credit score required for a first time mortgage loan, it’s important to maximize your score before starting the home-buying process in order to qualify and secure the best mortgage rate. Government-backed mortgages like FHA loans typically have lower credit.