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Credit scores - FICO scores for mortgages - I need a 700 credit score?
Some great information for buyers who think they may not qualify for a loan from Jeff Belonger.
 

Yes, credit guidelines have gotten tougher, but NO, you don’t need a 700 credit score.
 
 
Here we go again, with realtors making things sound semi easy. There was a question on Trulia last week, and the buyer said that they heard that you needed credit scores of 700.  And what do you do if you have scores from 614 to 620.
 
 
 

 
Here was part of the answer from a realtor answering the question.
"You can actually purchase a home with a credit score in the 500'sdepending on job history, etc. I have several lenders who can assist you."
Sorry, but this answer sounds easy, and it's not that easy if you are under 620. Yes, there are investors out there that are allowing credit scores below 620, even down to 535. But the guidelines are much stricter. You really can't exceed the income ratios, your job history needs to be good, and your credit still needs to be decent and conform to the FHA guidelines.
Keep this in mind, even though it could be done, at ... more

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