Home Loans El Paso

credit score needed for mortgage loan

Most lenders are guided by credit score minimums. For VA home loans, VA lenders look for a score of 620 or higher, but potential VA borrowers with low credit may still be able to obtain a VA loan. Check out this list of credit score requirements for VA loans, FHA loans, USDA loans and conventional loans.

The minimum credit score for a home loan varies from lender to lender, but if you’re looking to get a mortgage to buy a home, here’s what you need to know.

For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent. If your credit score is below 580, however, you aren’t necessarily excluded from fha loan eligibility.

You will need a 580 credit score to get an FHA loan, 580 for VA in certain states. There are conventional loan programs for borrowers with a 620 credit score and 3% down, you just have to find the right lender to work with you.

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To sum it up, you don’t need a great credit score to obtain a home loan. Otherwise well-qualified buyers can get a conventional mortgage with a FICO Score of 620, while a FHA mortgage can be.

What does my credit score need to be to get approved for a home loan? What credit score is required to get a mortgage? The short answer is: It depends. Lenders are going to look at a lot of other data to make their lending decision, such as your income, employment status and how much cash you are bringing to the table for a down payment.

Best thing is to go sit down with a Loan Officer at your local credit union and find out some info about your situation and what local 1st time buyer programs are available. Recommendations from friends and family who have recently gotten mortgage loans is an excellent way to find a great lender.

Read on to learn what credit score is needed to buy a house in 2018 and find the best rates for mortgage loans on your dream home.

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