Anonymous
Anonymous asked in Business & FinanceCredit · 9 years ago

Credit score for home loan?

Me and my husband were wanting to buy our first home. My credit score is 638 and his us 640. What is the credit score required to get the 1st time home owners loan or a mortgage loan?

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  • 9 years ago
    Best Answer

    I read somewhere that the number was 640.

    You are very close.

    Do you have any credit card balances?

    Pay them in full. Wait 45 days, then get your score again.

    Carrying high balances can reduce a score by 100 points.

    And it also hurts getting a mortgage, since it will directly reduce the amount of home you will qualify for.

    Tell us what is in your reports and people can tell you how it can be repaired.

    Sounds like you only have one of your three reports though.

    Get the other 2 at Annual Credit Report.com

    No cost. No card required. Reports are free once a year.

    Something is bringing your credit down. People here will try their best to help you

  • Buffy
    Lv 6
    3 years ago

    For Credit and finance solutions I recommend this website where you can find all the solutions. http://your-finance.us/index.html?src=ONi74jTKKyr

    RE :Credit score for home loan?

    Me and my husband were wanting to buy our first home. My credit score is 638 and his us 640. What is the credit score required to get the 1st time home owners loan or a mortgage loan?

    Follow 6 answers

  • Anonymous
    5 years ago

    I recommend you to check this site that can solve your doubts http://www.FINANCE-SOLUTIONS.INFO

    RE:Credit score for home loan?

  • 9 years ago

    FHA baseline score should be at least 620. BUT, having said that, they look at way more than just your FICO score to make their decision whether or not you can afford a mortgage.

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  • Anonymous
    9 years ago

    Depending on your finances in general and money for a down payment, you are probably okay.

    620 is the drop dead line. Less is a no go.

    The no-hassle line is something north of 720...so expect delays, double-checking, and complications.

  • Keren
    Lv 6
    3 years ago
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