Getting a mortage?? What is the Required Credit Score??

[needanswers]

Hello,

I have been a long time reader of the boards but never posted. So here is  my first post.

What is the required credit score for FHA mortage?

My scores are both 630 and my husbands are 653 and 670.

We just paid off 15000 dollars of credit card debt in the last day or two.  So that should help improve the scores as well.

Our DTI is around 36% because we will not be able to sell our home before closing on the new home.

So can we get a mortage with a credti score of 630??

Thanks

[Anonymous]

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@needanswers wrote:

Hello,

I have been a long time reader of the boards but never posted. So here is  my first post.

What is the required credit score for FHA mortage?

My scores are both 630 and my husbands are 653 and 670.

We just paid off 15000 dollars of credit card debt in the last day or two.  So that should help improve the scores as well.

Our DTI is around 36% because we will not be able to sell our home before closing on the new home.

So can we get a mortage with a credti score of 630??

Thanks

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it's up to the lender but most require a 620 midscore.  There are some now requiring a 640 score and then there are lenders like bank of america offering a fha with a 580 score but you need atleat 10% down.  Just call around  and ask for their score requirements but if the scores you posted are fico scores you should be good to go especially since you should get a big boost when the cc debt is reduced on your reports

[Anonymous]

You should be fine---if you are including the full expense of the other home and still have a 36 DTI, so far, so good. 

FHA is 620 or 580 with 10% down.  Steelfan mentiond the 640 from some companies.

You'll probably only see that from smaller mortgage brokers and, at that point, you're talking about higher rates & fees anyway.  In a way, confirming that they have a 620, not 640, minimum is also a really quick way to confirm if you're getting your loan direct or if there are going to be middle-man fees added on.