# For all of you credit/mortgage guru's



## TxHorseMom (Feb 21, 2011)

Is there a "magic number" minimum on your credit score to get a new home mortgage? ie your credit score must be 650 (for example) or a bank wouldn't even consider it? We've been working very hard to clean up our credit, paying things off etc., and are hoping to look seriously at buying a home in early 2014. Does that sound reasonable?


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## Shawn (Apr 2, 2008)

I am not sure if there is a magic number. From everything I have heard is the higher the number along with low debt to income ratio and repayment history will be best. 

I do see a mortgage broker around our area who regularrly has listed on their sign "Think 650 can't qualifiy? Stop in and find out". So that makes me think that it may be ok.

Best of luck.


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## dndweeks (Jan 17, 2013)

I recently did some research into this and the 'magic number' appears to be 660. Doesn't mean that all lenders will lend with a credit score of 660, but that seems to be the minimum right now. Keep in mind, the lower the credit score, the higher the interest rate on the loan.


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## GunMonkeyIntl (May 13, 2013)

A substantial down payment always helps, too.


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## InvalidID (Feb 18, 2011)

Well, my score is 775 (as of a month ago) and I likely couldn't get a mortgage today without a substantial down payment. It depends more on credit usage (available credit vs. credit used), debt to income, length of credit history. My credit history has no length, as I've always bought with cash. This makes it tough for me to get credit more often than not. For you, it'll depend on if you have any charge offs, if you've maxed credit cards at some point in the last year or 2, and so on and so forth.

In short, there is no magic number that gets you credit. The number is about the rate you pay...


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## TNHermit (Jul 14, 2005)

Trust ME! LOL

Every bank runs its on scam or a derivative of something the Feds have set up. People can get mortgages with no credit and cant get them with a 775. You may have a 775 but don't use credit. I haven't had a credit card for two decades.
The best thing is to start getting acquainted with the smallest local bank in your area that will do a 15 year loan. Talk to them about mortgages. how do they react . are thye bothered by you or do they take the time. develop a relation ship , checking savings, how do they treat you when you talk to them about regular prolbems., see what your gut tells you. the smaller the population area the more your personality can be a factor. Talk to other people
What ever you do stay away from the govt and large banks. Everyone else knows i been fighting them for five years. I've got a list of scams a foot high.


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## InvalidID (Feb 18, 2011)

I whole heartedly agree with TNH here. Credit Unions, local banks etc are the only way to go when it comes to credit. Though I will admit to getting a Capital One card recently. I haven't had a credit card in 10 years, but they offered me no interest for a year on a 3k line of credit. Was too hard to turn down free money... LOL


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## po boy (Jul 12, 2010)

Fannie Mae matrix.
FHA will go down to 580, but lenders will not approve


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