What credit score do I realistically need to even qualify for a home loan?
I am not talking about a great interest rate loan, but just baseline, what credit score do I need to qualify for a loan at all? Due to some student loan troubles over the last 12 months, my credit score plummetted into the 500s (from around 700), but I make 6 figures with minimal debt so I’m wondering where I need my credit score to be before I can even consider a mortgage.
Tags: Score, realistically, Even, Credit, Home, Need, loanRelated posts:
- What credit score must I have to qualify for a prime home loan?
- What credit score is needed to get home loan?
- Home Mortgage and Life Insurance Firm Offers a Variety of Mortgage Loan Solutions to Home Owners
- How To Avoid Common Home Equity Loan Traps
- VA Home Loan Rates are Lowered by the Security America Mortgage, Sponsors of $o Down for all Veterans and Active Military Heroes Buying a home in Texas
a landline telephone gives you some points as it means the telephone company will give you credit and trust you to pay the bill
try different places, if you get a dodgy one the interest will be very high
have you tried your bank , ring them and ask
You need a FICO score of at least 620 to even be considered for an FHA loan. Conventional loans want a score of at least 720 - 740, plus 20% down and closing costs.
The negative student loan problems could be enough to keep you from getting approved even IF you had a score in the high 700s. You may have to wait till you have 24 months of consistent, on time payments showing on the student loans.
If you are looking for the free credit score national site, check out this site
http://Free-Credit-Score-National.com/
Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating for free, fast and secure.
Hope this help,