Mortgage Rates and Minimum Credit Score Requirements for Home Buyer
Every mortgage lender has different credit score requirements for a mortgage loan borrower depending on the mortgage loan program. FHA Loans Guidelines on Minimum Credit Score Requirements to qualify for a home purchase loan with 3.5% down payment is 580 FICO credit scores. Conventional Loan lending guidelines require a minimum credit score of 620 FICO credit scores. The lower your credit scores are, the higher your mortgage rates will be. The lower your credit score is, the higher risk you are in the eyes of the mortgage lender.
Assessing Your Credit for the Best Chicago Mortgage Rates?
The majority of mortgage lenders have minimum credit score requirements for a mortgage loan of 620 FICO or higher. Most banks minimum credit score requirements for a mortgage loan is a score of 640 FICO from a mortgage loan borrower. However, there is hope for mortgage loan borrowers who have credit scores under 600 FICO and prior bad credit. I specialize in helping mortgage loan borrowers with prior bad credit, bankruptcy, foreclosure, collections, and for borrowers with credit scores under 600 FICO as well as with mortgage loan borrowers with high debt to income ratios.
Better Credit Score = Better Chicago Mortgage Rates
One late payment on a credit card or automobile loan payment can plummet your credit scores by at least 50 points or more. Mortgage lenders are very finicky when it comes to credit scores. Minimum credit score requirements for a mortgage loan vary from mortgage lender to mortgage lender. As stated earlier, the majority of the bank’s minimum credit score requirements for a mortgage loan is 640 FICO. If you have a credit score of 639 FICO, the chances are that you will not qualify with a bank that has minimum credit score requirements for a mortgage loan of 640 FICO.
How Can Gustan Cho Help You Obtain Great Chicago Mortgage Rates on Your Loan?
If you have had prior credit problems due to unemployment, divorce, bankruptcy, foreclosure, collections, or medical problems, I can help you if you are looking for a mortgage loan in Florida or Illinois. I can help mortgage loan borrowers with a credit score as low as 530 FICO.
Minimum Credit Score Requirements and Down Payment to Qualify for a Home Loan with Bad Credit
If you only want to put down 3.5% on a home purchase, the minimum credit score requirements for a mortgage loan is a credit score of at least 580 FICO. For those mortgage loan borrowers with a credit score between 530 FICO and 580 FICO, the minimum down payment required is 10%. If your credit score falls below 580 FICO and you only have 3.5% to put down as a down payment on your new home, contact me at 262-716-8151 or Email Me at firstname.lastname@example.org www.gustancho.com so I can help you repair your credit and boost your credit scores above a 580 FICO so we can get you qualified for a mortgage loan.
2015 Update on this mortgage blog post
This mortgage blog post has been update on May 4, 2015.
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