If your score is below 620 to 640: An FHA (Federal Housing Administration) home loan is your best option because most lenders won’t approve a conventional loan for borrowers with a credit score below 640.
In addition, your interest rate would be much higher on a conventional loan even if you are approved.
Can I buy a house with a credit score of 640?
The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify.
Can I get a mortgage with a 660 credit score?
If your credit score is a 660 or higher, and you meet other loan requirements, you should not have any problem getting a mortgage. Credit scores in the 620-680 range are generally considered fair credit. With a 660 score, you may expect to have several options when it comes to loan programs.
Can I get a mortgage with a 650 credit score?
A FICO score between 620 and 650 is considered fair to good credit. But keep in mind, this range of credit scores does not guarantee you will qualify for a mortgage. Even if you do qualify, it won’t get you the lowest interest rate possible.
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