(Closed) what was your credit score when you were pre-approved for mortgage?

posted 10 years ago in Home
Post # 3
488 posts
Helper bee
  • Wedding: January 2022 - City, State

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. 

Post # 4
2208 posts
Buzzing bee
  • Wedding: November 1999

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.

Post # 6
1191 posts
Bumble bee
  • Wedding: June 2008

@sorrycharlie: You should make this a poll, then more people might feel like contributing. 





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!!

Post # 7
402 posts
Helper bee
  • Wedding: August 2010

mine was 760 (median) and i think his was 740

Post # 8
354 posts
Helper bee
  • Wedding: November 2011

740 and 750 with no other debts. so-we got a freaking sweet rate and bought with a 40% down payment.

Post # 9
1498 posts
Bumble bee
  • Wedding: July 2012

Mine was in the 720s, and FI’s was around 760.

Post # 10
2631 posts
Sugar bee
  • Wedding: September 2010

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.

Post # 11
3793 posts
Honey bee
  • Wedding: July 2009

I was also going to suggest a poll.

Post # 12
2414 posts
Buzzing bee
  • Wedding: April 2012

According to someone my Fiance 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…)


Post # 13
2593 posts
Sugar bee
  • Wedding: September 2010

I can’t remember exactly….but both of our credit scores were in the mid to upper 700’s.

Post # 14
952 posts
Busy bee
  • Wedding: September 2009

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.

Post # 15
4771 posts
Honey bee
  • Wedding: December 2010

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.

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