Minimum Credit Scores Needed For Various Loans…

A common question I get is what minimum credit scores are needed for various loan programs.

I going to give you a quick guide for minimum credit scores on each program.

The mortgage industry is a very dynamic industry. …the rules change almost daily.

…so please check in with me when you get serious about buying or refinancing a house. The numbers I give here may change tomorrow!

Also, keep in mind there’s more to consider than just the credit score when qualifying for a mortgage.

…but, for the purposes of this post – here are the current minimum credit scores.

FHA – I can do credit scores down to 500. (10% down for scores between 500 and 579, 3.5% down 580 and up)

VA – 560 minimum credit score.

USDA – 580 minimum score.

Conventional – 620 minimum credit score.

Hope this helps! Call me or email me if you have questions about your house buying needs.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

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How Credit Can Effect Your Payment…

Have you ever wondered how credit affects your mortgage payment?

Most people know your credit affects the rate you get on your loan.

…and, your credit can even effect the amount you pay for Home Owners Insurance.

However, there is another part of your payment that your credit also effects. …Your mortgage insurance payment on Conventional loans.

Let me give you some examples of how your mortgage insurance rates can vary due to credit score.

These numbers are based on a $100,000 loan at 95% loan to value ratio.

MI Payment Chart… 

Credit Score Range	MI Payment Amount
> 760	$45
720 to 759	$51.6
680 to 719	$74.17
620 to 679	$95.83

The lesson here is protect and monitor your credit as much as you can. Keeping your scores up can save you alot of money!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts

How To Buy A House And Have No Payments…

If you or someone you know is at least 62 years old you have some amazing home buying options…

Texas finally caught up with the rest of the country and approved home purchases using Reverse Mortgages.

Advantages:

Now you can buy a home without having to deplete your entire retirement savings and without having to make monthly mortgage payments.

* No monthly mortgage payments. Loan would be due when you move out permanently, sell the home, or pass away.

* Down payment would be between 34% and 47.4% (plus closing costs), depending on your age.

* Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.

* Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.

If you or someone you know is interested in using a reverse mortgage to buy a home – shoot me an email or give me a call. I want to help you!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts