Credit/Fico score for mortgage?
What does my score need to be around to get a mortgage for 130,000.00 with no money down for a condo??
Public Comments
- 620 In Texas you can get %5.25 %105 LTV for 40 years State Loanstar Program. If you make too little you can not qualify but there is no connection between you income and you credit score. P J is speaking out his aussie. The community home loan program sponsored by fannie mae will do 100% LTV down to 620 but non of the banks will be alowed to go lower. Any lower than that and you have to buy mortgage insurance. This rule is set by FDIC (Banking Commission) and your bank is not at liberty to break it. Generically speaking, the scores can run from 0 to 1,000. The highest I have ever seen is an 863. However, it is generally accepted that anyone with a 700 credit score is A credit, and over 720 is AA credit. Individual lenders technically assign their own credit grades to the credit scores, but between various lenders they are usually pretty close as to what score constitutes what grade. Here is an approximation of the credit score/grade: Score Credit Grade 720 and up AA 700 to 719 A 680 to 699 A-/B+ 660 to 679 B+/B 640 to 659 B 620 to 639 B-/C+/C 600 to 619 C/D 580 to 599 D/F 579 and below F
- 680 or above with at least a 5-10 percent down payment. Without a D/P count on no loan if the score is below 700 right now.
- Depending on how much you make (you'll have to prove you can afford the mortgage), but these days (if you've been paying attention to the news) your credit will have to be pretty spotless.
