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

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serenity72
New Contributor

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
Message 1 of 22
21 REPLIES 21
Anonymous
Not applicable

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.
Message 2 of 22
chartley3
Frequent Contributor

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??
Message 3 of 22
OneMortgageGuy
Regular Contributor

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

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
Message 4 of 22
IsleSeat
Contributor

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



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



... and starting what % is a good LTV?
TU and EX = 820 EQ = 821
I came straight out of Hell
Message 5 of 22
DallasLoanGuy
Super Contributor

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?
 
Retired Lender
Message 6 of 22
serenity72
New Contributor

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.
Message 7 of 22
Anonymous
Not applicable

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. 
Message 8 of 22
Anonymous
Not applicable

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



@IsleSeat wrote:


@Anonymous 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
Message 9 of 22
serenity72
New Contributor

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?
Message 10 of 22
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