There is no minimum credit score home loan if you have a large down payment and can afford an expensive private hard money loan. Most home owner hopefuls do not have a large down payment available. You just want to get approved for a good home mortgage loan.
A minimum 580 credit score will help get you qualified for a FHA mortgage with 3.5% or more down, 620 is the magic number for a conventional home loan.
It is possible to get qualified for FHA with lower scores and a 10% down payment. In any case good credit history for at least the past 12 months will be required. Make sure to read our credit guide for lots of tips and how to quickly raise your credit score above 650.
Reducing credit card balances and increasing limits is the fastest way to boost your score and help you get qualified for a mortgage loan. If you don’t have any active credit in the last 12 months then opening two credit cards or secured credit cards and keeping the balances low with lots of available credit left is what will help get you approved.
Other qualifications you’ll need besides minimum credit score home loan to qualify and purchase or refinance
- A good rental history or letter if living with your parents
- Re-established credit for the most recent 12-24 months
- Two years consistent income and employment history
- Documents to back up explanations for past bad credit or economic events
There are always exceptions and the mortgage industry is always making small adjustments and changes to the guidelines, please make sure to call our Tampa office at 813-874-5800 with any additional questions to the minimum credit score home loan programs available.