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Mine was in the 720's/730's and my FI's was low 700's. They look at all 3 and I think that the middle number whatever it is.
It depends on a lot of factors, not just your credit score. Although, your credit score does help a lot. The higher the better. Things like how much debt you have and how much you make. Also, your monthly expenses. They want to make sure your debt/income ratio is low, so you are 'capable' of handling a house.
I do know that the bank told me that I would be able to be pre-approved for much more than I wanted but I knew that I couldn't afford a house more what I wanted my pre-approval letter to be. I knew I couldn't afford more than $XXXX per month in mortgage payment, which came out to $XXX,XXX in house I could afford.
Also, the pre-approval letter is just a letter. It doesn't guarantee that you can get the loan. That's the hard part. When applying for the loan, that is when you need everything in place. They look at your bank statements and everything.
good to know - thanks guys! the whole process is daunting. we aren't going to begin it until likely next summer or fall, or maybe even winter - I'm waiting until we have no debt aside from student loans and I obtain a job in my field. so nerve-wracking though, trying to figure everything out!
@sorrycharlie: You should make this a poll, then more people might feel like contributing.
>600
600-650
650-700
+700
something like that.
Most lenders won't approve anythong with less than a 640, that's usually the minimum. Although there are some private or local banks/credit unions that make exceptions. It's good to "shop around" and see who will provide the best percentage (some are going as low as 3% these days!), we applied through several different banks and local credit companies. We ended up getting approved with 4.5% interested which is really great!
Also knowing the type of loan you'll need helps, like conventional or FHA, also finding out which financing programs are available to in/in your area is really helpful. We were approved for the first time home-buyers program through our state, and rural development (buying a home in a rural area).
They also factor in things like longevity of credit, credit line available, amount of revolving debt, delinquencies, and amount of credit inquiries. Before applying for a mortgage, make sure that you don't apply for any other loans or credit cards - it temporarily reduces your credit score for a couple months.
Hope that helps!!
740 and 750 with no other debts. so-we got a freaking sweet rate and bought with a 40% down payment.
I was at 680 and DH was at 620. We're trying to pay off more credit cards during the process so it looks better at the end. = )
We had also just gotten a car loan a few months ago and a different lender had looked at our credit too. That knocked us down a few notches.
ETA: We did get an FHA.
According to someone my FI just talked to recently, it HAS to be at least 640 for an FHA loan. Anything less just won't cut it. (He knows people who work at banks and I asked him to ask...)
I can't remember exactly....but both of our credit scores were in the mid to upper 700's.
790, I bought our house on my own before we got engaged, so we didn't get FH's score. I have heard of others getting approved in the 650-750 range.
The requirements are FHA is currently requiring that one person on the mortgage be at 640 and the other can not be lower than 590 and standard needs to be 680. The better your score the lower your interest rate.
thanks everyone! I hadn't thought of a poll. I've been on my honeymoon, that's why I haven't checked in or responded. We definitely will never be able to save 20% or higher for a downpayment, we live in New England, and that would be a minimum of 30,000+ and then closing costs. I will definitely look into FHA! We're hoping to start looking by next summer, once credit card debts are paid off and I am able to secure a full time job.
Thanks again for everyone's input! Greatly helped!
We were cumulatively siting at 814 of 840. The loans manager was like "Whoa! you sure you don't want MOAR MONEY!?" We've been pre-approved for a second mortgage should we need it as well as a secure line of credit. Which was pretty stellar. Nice to know we have options.
I had an average of 710, my husband is at 730. Our biggest problem was we didn't have a long credit history; I am 20 and have had a cc since I was 18, but my husband (23) only had a car loan for a year.
We also have a verrrry low debt to income ratio (about 15%), and that helped with getting our loan.
We were approved for what we asked, but were told that we could easily get double what we asked for.
Also, the preapproval letter, while nice, is not binding. They will put the best possible outcome on it, but when you get your GFE (good faith estimate, which is a formal letter they will give mostly after you have found a house, it is legally binding within 10%), you may see differences.
When you are shopping for a preapproval, try to get a GFE right off the bat, some banks will give it to you right off the bat.
Ok, I am done with the crazy long message! Hope I helped someone! :)
Mine was 810, but I don't really know what that means! I don't have any debt, so I'm sure that helps the score....? I'm clueless when it comes to credit scores, but I got a good rate and everything went very smoothly when getting the mortgage!
Mine is in the 660's, his is in the 720's. Seriously, a couple of late payments in 2 years really does make a difference on a report.
We're both in the 780 to 800 range. I had a reported late payment on my mom's credit card for which I was an authorized user back in college over ten years ago. I think that finally fell off and I jumped from 760 to 800.
Really, anything over 760 is considered excellent and you'll get the best rates. It's not necessary to have a truly awesome credit score to get financing, but the better the score, the better the rate.
In the US, how do you find out your credit score? Here, you can get the reports for free, but you pay for the score (unless you can find out from the bank/mortage broker when applying, I don't have any experience yet to know).
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If it's too personal, no worries. I'm just curious.
Obviously mortgage lenders were likely to be more lenient longer ago than the current economy, but same, just curious! :)