What score do I need to qualify for a 203k mortgage loan for a 1st time home buyer?

640 is likely to be the minimum acceptable to most lenders. FHA guidelines go below that but individual lenders who are the one approving the loans have their own overlays on top of FHA minimums and most of them are not inclined to accept any less than 640.

Hi Carmen.There are 2 types of 203k loans. There is a 203k Streamline and a regular 203k. For all intense purposes, the streamline allows for repair costs up to $15,000 and the minimum scores required for that option are lower than those requiring the FULL 203k option. I would say you could probably find a lender willing to fund the streamline loan with a middle credit score as low as 620, but the FULL 203k may require a 660 score or higher. Hope this helps. Patrick McCarthy, Northpointe Bank, 866-901-3576