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New Contributor
serenity72
Posts: 124
Registered: ‎06-28-2007

whats the lowest your score can be for getting a mortgage loan?

Whats the lowest your score can be to be aprroved for a mortgage on average? Ty
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007

Re: whats the lowest your score can be for getting a mortgage loan?

With the right LTV ANYONE can get a mortgage.
 
620 is the threshhold for prime.
Frequent Contributor
chartley3
Posts: 488
Registered: ‎05-23-2007

Re: whats the lowest your score can be for getting a mortgage loan?

You need to have a mid score of 500 before an underwriter will even approve the mortgage application. Also what is on your credit report by the way of baddies??
Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007

Re: whats the lowest your score can be for getting a mortgage loan?

[ Edited ]
500 is the lowest most but not all lender will go.
 

serenity72 wrote:
Whats the lowest your score can be to be aprroved for a mortgage on average? Ty




Message Edited by OneMortgageGuy on 07-03-2007 10:54 AM
New Contributor
IsleSeat
Posts: 67
Registered: ‎03-12-2007

Re: whats the lowest your score can be for getting a mortgage loan?



FICO_Focused wrote:
With the right LTV ANYONE can get a mortgage.
620 is the threshhold for prime.



... and starting what % is a good LTV?

June 2013: EX 787, TU 781, EQ 822

Starting Scores: EX 521, TU 508, EQ 486

I came straight out of Hell
Super Contributor
DallasLoanGuy
Posts: 6,094
Registered: ‎07-03-2007

Re: whats the lowest your score can be for getting a mortgage loan?

serenity
generally, 500 is the mark. though i have seen some sub 500 loans go thru
 
if your last 2yrs credit history is clean, then fha is a great program for low scores.
 
what are your scores? can you document all of your income?
 



* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

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New Contributor
serenity72
Posts: 124
Registered: ‎06-28-2007

Re: whats the lowest your score can be for getting a mortgage loan?

Baddies currently on my record. Payments late with truck payments over the last 2 years 7 times. Other than that no baddies. My score is 507. Other baddies are utilities, medical bills, foreclosure, reposession. I can verify income.
New Contributor
hopeful
Posts: 72
Registered: ‎06-15-2007

Re: whats the lowest your score can be for getting a mortgage loan?

I heard a subprime lender say that he would approve anyone with any credit score and no income documentation as long as he had 30% downpayment.  With 20% downpayment, he'd approve just about anyone else.  Truth is, anything below 600 is now going to require a large downpayment and usually means you can only get an ARM, not a fixed rate. 
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007

Re: whats the lowest your score can be for getting a mortgage loan?



IsleSeat wrote:


FICO_Focused wrote:
With the right LTV ANYONE can get a mortgage.
620 is the threshhold for prime.



... and starting what % is a good LTV?

60% LTV and a hobo can get a mortgage...
 
Rob
New Contributor
serenity72
Posts: 124
Registered: ‎06-28-2007

Re: whats the lowest your score can be for getting a mortgage loan?

allright please fill the clueless one in what does LTV stand for?

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