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Minimum FICO score required for home loan?

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Anonymous
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Minimum FICO score required for home loan?

Is there a minimum FICO score required for a home loan? I was told that it was 650. Is this true or was this maybe specific to a certain lender.

 

Also, my student loan went into default in 2007 but I started garnishments in 2008. I cannot get out of the garnishment now until the loan is paid off or the loan rehabilitation program returns (it was suspended due to the economic conditions). So it shows on my credit report as in default. But I have been making payments for over a year. 

 

Is there any hope for me to get into a home now? 

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Anonymous
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Re: Minimum FICO score required for home loan?

What type of loan are you trying to get, and with how much down?

 

A student loan in default is the kiss of death for a government backed loan like FHA. If that were cleared up, you'd be able to qualify with 620. For conventional, you probably need 700 and 20% down.

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