Currently, it is tough to get a mortgage even with very good credit. 730 is about average so a score close to 800 has a good chance of getting approved.
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
640
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
640
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
http://www.reversemortgageinterest.org is a great website to help you find all the information you need concerning your reversed mortgage and bad credit score.
650 and above
If you have some credit then you will typically need a minimum middle credit score of 580 to qualify for a FHA loan.
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
Actually the better the credit score the better are the offers for a mortgage credit loan. In general the interests offered for a new loan depend (besides others) directly on the credit score.
no.