What is a decent credit score to obtain a mortgage loan?

trying to buy a home within a year and a half and my credit scores is between 630 and 675 please help

What is a decent credit score to obtain a mortgage loan?

You really need to go to this website and read it all. Clean up your credit reports and boost your score as much as possible. I did it with the help I found from here. My score is now up from 485 to 720 in a little over a year!

What is a decent credit score to obtain a mortgage loan?

720+ is good

What is a decent credit score to obtain a mortgage loan?

My credit scores are similar to yours and I got a FHA mortgage this past July @ 6.5%. You still have time to improve your scores even more before you buy. Keep your payments on time and keep your credit card utilization under 10%...Good Luck!!

What is a decent credit score to obtain a mortgage loan?

those scores are sufficient to buy a home.. to get the BEST deals and rates, try to get your mid score over 700-720 range. Keep paying your bills on time, do not take on any more additional credit, so the average age of your accounts increases. Keep any credit card balances between 20-30% of your available balance. If one card is higher than that, and another lower, transfer some or pay it down. DO NOT go car shopping or furniture before closing on your new house.. keep your monthly debt as absolutely low as you can, so you qualify for more house if you need it. Start documenting any and all income you have, do not change jobs, or at the very least do not change careers, but stability is very important. If you are renting, make sure your rent is received by your land lord ON the day due. For verification of payment history for a house if you rent, most lenders prefer professional management companies (such as those found in apartment complexes). If you plan on using second job income, most lenders want 2 years before using it, although some will use 12 months before allowing it.

This is just a fraction of what you need to do to get your best deal, and to keep pushing your score higher. Try to find a mortgage broker now who has access to a what if scenario software addon to their credit reporting system.

DO NOT allow multiple pulls of your credit, as over a few will start pulling your score down PER PULL, as much as 4-7 points each time.

And finally, DO NOT pay off any charge offs older than 12 months old, unless specifically requested by the lender, and then do it AT CLOSING. Lenders usually pull credit right before close. Paying off a charge off does make it a paid charge off, but it is still negative credit, and it can actually drop your credit score 10-20 points, or more depending on how old it actually is. Once you have your mortgage, if you have to pay off the collection, it wont affect your rate.

What is a decent credit score to obtain a mortgage loan?

Your credit score is decent right now. You would probably not get the lowest rate - more like something around 6.5%. If you want to get the lowest rates possible you should be around 750+. A year and a half is definitely long enough to clean up the credit and obtain a good % rate.

If you have a low debt to income ratio, a decent down payment and a steady job look for a mortgage company that does manual underwriting. They look at more than just your FICO score and you might get a better rate. (check out Churchill Mortgage - I know they do manual underwriting but I am sure there a lot of others too).