Is a fico credit score of 647 good enough to qualify for a home loan?

Also if you wanted to try to get a fha loan is this score enough? Just getting opinions.

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  • 10 years ago
    Favorite Answer

    640 is the lowest I have come accross.

    Check your credit reports at

    Annual Credit Report.com

    Make sure they are in perfect condition.

    You can pay off one time items with a pay on delete - and they will be removed from your report.

    This can not be done with installment loans and credit cards.

    Just one time such as medical bills and cell phone, or utility bills.

    Go to your library or bookstore and grab two books.

    One - Home buying for dummies.

    Another one - Credit Repair for dummies

    These books are not for dummies - they are VERY good.

    Note: you won't get the best interest rates unless your score is above 740.

    Paying off a maxed out card in full can raise a credit score 100 points in 30 days.

    The books will teach you all these tricks.

    /

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  • Bob
    Lv 6
    10 years ago

    You would be approved with FHA if you meet the other income, down payment and credit guidelines. FHA does not have a minimum score requirement but I am not aware of any lender that will approve a score under 580 and most lenders have 620 or 640 minimums. You may also pay 1/8 to 1/4% higher rate than someone with a higher score.

    With conventional financing, Private Mortgage Insurance companies aren't approving anything less than a 660 score these days so you'll need 20% down for purchases or 20% equity if you're refinancing.

    Source(s): Licensed Loan Officer in Ohio
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  • Anonymous
    3 years ago

    For Finance and credit solutions I recommend this site where you can find all the solutions. http://your-finance.us/index.html?src=Sbk87xme6sDW

    RE :Is a fico credit score of 647 good enough to qualify for a home loan?

    Also if you wanted to try to get a fha loan is this score enough? Just getting opinions.

    Follow 8 answers

    Source(s): For Finance and credit solutions I recommend this site where you can find all the solutions. http://your-finance.us/index.html?src=Sbk87xme6sDW
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  • Anonymous
    4 years ago

    Your confusing me because your FICO Score is the information on your credit report,that is how they determine what your credit score is. They will look at both your credit reports if your buying the home together...But there is no black and white answer to this because there are all kinds of companies that do"creative financing" for home purchases, you need to ask them.

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  • Anonymous
    10 years ago

    yes, it's either 580 or 620 for FHA,

    however unless you have atleast 20% down you would not qualify for conventional with a 647.

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  • 10 years ago

    Most lenders will not write loans on FICO's below 660.

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  • peggy
    Lv 4
    3 years ago

    This is a good question, and one that has been the source of confusion for me for quite a while.

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  • 3 years ago

    Very interested to hear the answers to this as well

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  • 4 years ago

    The simple answer is yes!!!! the answers above are from uninformed individual. Do you own research people...

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