minimum fico

Some lenders will loan at a 580 or 620, however if you get to a 640 or better you should have a lot more options.

Hi Jeff:Most lenders are now requiring the lowest middle credit score of all borrowers to be 620 or 640, depending upon the type of loan needed or desired. Stonegate Mortgage requires a min middle score of 620 with an automated approval status or 640 to manually underwrite the loan. You can go to our website and locate a loan officer in Michigan that can help you.If you need to raise your scores to get to this level, I have been referring people to a "Pay for Performance" creeit repair company known as UTeam USA Credit REpair. There is a small registration fee and they only charge you once the item(s) are deleted from your report. Call Jeannie Mok at 614-774-5027. She can help anyone in the US. :)Good luck.Pat

Generally, you need to be 640 or above, however there are lenders that will go down as low as 500.. With FHA if your score is below 580, you will need to put 10% down... and those lenders that will lend to 500 borrowers have heavy restrictions, and most won't qualify.. You're much better off getting your score over 640... it will open the door to much more options... Keep in mind that it takes more than a sufficient credit score to get mortgage financing... income, job time and job type, reserves, and down payment sources, past credit, judgments, foreclosures, BK's etc.. are all considered along with your credit score... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Everybody has a minimum FICO. Every Lender has a minimum FICO they are willing to go as low as and still lend. Every loan product also has a minimum FICO to be eligible. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Generally, the minimum FICO is 640 but it depends on your down payment and loan program. Some programs can go down to 620

I only lend in NM where I am licensed but have the ability to approve FHA and VA loans down to a 530 mid score with some restrictions. If under 600 I always recommend looking into working with a local and reputable credit repair co. to increase it. You should see a MI licensed loan officer on this forum who may be able to recommend one or more to you if needed.

640 is preferred but we can do a 620 on a FHA loan. Call me if you have any more questions. Gus Dahlgren517-489-2440

As mentioned, some lenders will go down to 580 but your interest rate will be higher and the loan will be more difficult to get through. Best if you can get your score to 640 either through your own efforts or working with a reputable credit repair company. You will get a better rate and have more options at 640 with FHA.

Depends on what program you are looking at, and more... But realistically, if your score is below 640, you should stop thinking about buying a home and work on credit. Once over 640, then apply.

We have lenders that go down to 500-520 and FHA 90%

620 on up is best so if you are below this call me and lets see what we need to do to get your scores up. Jack C. at 734-395-9027

Prime Lending will do 580 with FHA and 3.5% down.

The higher the credit score the better your interest rate will be. Their are lenders that will qualify you with a 560 middle credit score for an FHA loan. You will need to put down 10% on any FHA loan below a 580 credit score.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Most Lenders will require a 640 on Government Loans and a 660 on Conventional. Based on individual circumstances it is possible to obtain lending with a lower score. For instance, MSHDA does not have a minimum score requirement, but instead looks closer at the items that appear on the credit report. FHA will also allow a lower score than 640, but has additional qualification requirements and some investors have a minimum score requirement even though FHA does not. You need a lender to look at your credit and give you direction. There is much more involved in qualifications than the score itself.

For Which Program?

Wea re licensed in all 50 states with a min FICO requirement of 640.

Depends on the program and compensating factors.

Most lenders want 620 mid score, for the best programs.

It appears that your problem has more to do with you not taking the steps to re-establish your credit. After nearly two years out of a 13, your credit score could have easily climbed into the mid 600s (640-660), making you eligible for a loan. Contact a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. Many of us have the knowledge to help you get your credit cleaned up. It takes effort on your part, but if you apply yourself, you should see success not too far down the road. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

"It appears you have not taken the steps to raise your FICO Score"BS..BS..BS... EVERYONE knows that today the "Credit Reporting" industry is a scam.It was on 60 minutes in February. They all load-up your report with incorrect BS, then you try to fix it,then the Trolls come-out, "Credit Repair" businesses, who are OWNED by the Reporting Agencies,and who charge you to remove stuff, then put it right back next month. We need NEW LAWS....1.) You have 50% control of BOTH your Reports AND your FICO Scores2.) Free Reports AND FICO Scores every three months3.) Re-setting of ALL FICO Scores to REFLECT TODAY'S REALITY.4.) Cap on Realtor commision of 2% or $3,000 - whichever is lessUnless/Until the entire Housing Industry, from Credit Agencies to Lenders get their act together,this economy, via a FAILED housing market, will falll back into Depression... THEN NONE OF YOU WILL HAVE ANYTHING TO DO!!!

I can work with you down to a score of 560 and I lend nationally. If you wish to go over your options and look at getting pre-qualified feel free to contact me. Leave a voicemail at 301-651-7822 or email me at robhanson@emortgagegroup.com. Thanks and good luck!

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