Is there a magic number? Is it 650? 750? What should I use as my benchmark for being ready to apply for financing? I’ve done a lot to repair my formerly blemished credit history and would like to know when I should feel confident again.
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Sun, Jan 17, 2010
January 17th, 2010 at 4:05 pm
anything above 650 should be good 700′s are considered very good and 800 excellent but anything above 650 should do.
January 17th, 2010 at 4:05 pm
Generally, anything above 650 would be good enough, but we’re kind of in a mortgage crisis right now, so lenders are being very picky. To get the best rate right now, you would probably need a score upwards of 700.
January 17th, 2010 at 4:05 pm
I got my mortgage, a 30 year fixed rate at 6.1%. I had a 650 credit score, and was also 2 years out of a bankruptcy.
This was a first time home buyer program FHA loan. There are tons of programs for first time buyers. What I did is I made a request on lending tree and waited for the best offer to come in. It took about a month, and about 12 offers. Don’t let a mortgage broker screw you, they are desperate rate now and you should be able to get the best possible deal. Don’t do an arm, only a low fixed rate!Good Luck!