Acceptable credit score for mortgages

Share This Acceptable credit score for mortgages You see a home you are interested in and you want to know if you would be able to qualify for a mortgage loan. What is an acceptable credit score for mortgages you want to know. As with many things in life, it depends. You can get away with a low credit score if you have a large income with documentation and a large downpayment. Having a co-applicant with a high credit score would also help you get a mortgage. In certain cases you can have a credit score as low as 500 and still be approved for a mortgage. Of course you will have to pay a higher interest rate and need to provide more documentation but a mortgage is still possible. There are home lenders out there who still make sub-prime loans to people with low credit scores. You could also look into an FHA loan. They have lower lending requirements that allow you to come up with a lower down payment and a lower credit score. The interest rate is comparable to a conventional mortgage loan. The higher the credit score the better your odds of getting approved for a historically low mortgage loan rate. A 620-650 credit score is OK. A 650-700 credit score is better. Credit scores of 700 and up is best. If you have the income and the downpayment required, having a low credit score (500-600) is not enough to prevent you from getting a mortgage. If you have a little bit of time, such as 6 to 12 months, you can use that income to pay down your debts and make all

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