Tom King’s Post

Name: Tom King on LinkedIn: What is the minimum credit score I need to purchase a home? Your credit…
Uploaded: 2024-09-09T23:22:47.678Z
Duration: 1 min 14 s
Channel: Tom King
Description: What is the minimum credit score I need to purchase a home? Your credit score matters when qualifying to purchase a home and I can help you with learning more about what type of loan is best for you with your specific credit score. Let's talk!

Tom King

Mortgage Broker

3mo

What is the minimum credit score I need to purchase a home? Your credit score matters when qualifying to purchase a home and I can help you with learning more about what type of loan is best for you with your specific credit score. Let's talk!

Transcript

Do I need a great credit score to get a mortgage? Everybody, Tom King here, let's talk about credit scores as it relates to the mortgage world. Lots of information out there, lots of it intended to make hard, fast statements on what you can and cannot do. The truth of the matter is it's a little more flexible than that. So obviously the higher credit score that you have, the better deal that you're going to get a whole bunch of different ways. We all know that. But what's the worst case scenario? Minimum credit scores somewhere in the five hundreds, the high 5. 10580 and above can get you possibly into an FHA loan or a you know, loan geared towards folks with rougher credit. Certainly not ideal. There will be other hoops you have to jump through if you get a mortgage with that type of credit score and it is certainly not a guarantee. Every 20 points you go up from there is super helpful. Being above 600 then 620 is kind of the main cutoff for a conventional mortgage, which puts you opens up your options in a whole bunch of different ways. So. Again, high 5 hundreds, you might be able to make it work. Once you get above 620, you should have some options. Obviously there's a whole bunch of other things to consider, but that's at least a good place to start. So hope that helps. If we can do anything for you, give us a call.

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