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08/02/2017 6:59 am
Hello, I would like to ask this community a question: I recently got married and my husband and I would like to get a house of our own. As you can imagine though, we cannot afford to pay everything now, so we are considering to get a mortgage loan. Could someone please tell me what is considered a good credit score to obtain such a loan? We just want to make sure we will not get refused due to low credit scores and factors like this...Many thanks!
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13/02/2017 8:16 am
Hi Dorothy, from what I was able to find around, it seems that if your credit score is 620 or higher you will not have any problems to obtain a loan. But I wouldn’t worry much even if it is a bit lower, I am sure this thing is different from bank to bank. So I guess the best idea is to check out a few options and, before applying for a loan, ask each particular bank about their policies.
20/02/2017 7:30 am
Well, if you want to get a FHA loan for instance, it’s possible to get it even with a 580 credit score.
other types of loan indeed require higher credit score, but not much, I think Cynthia’s right that with above 620 you’ll have no problems at all.
21/02/2017 8:20 am
I think it also depends on how big is the loan you want to take and how long the repayment period…I think that if you manage to convince the lending bank/agency etc. that you are capable to pay the monthly installments in time, they won’t be so worried about your credit history and score.
Most banks in my opinion and experience look at your current employment situation, taking into consideration your salary and so on to decide whether you will be able to repay your debts.
Of course, if you have a history of frequent unemployment you might really get into problems while trying to get a mortgage loan
24/02/2017 8:58 am
With over 600 I think you have nothing to worry about! Provided, of course that you are employed at the moment and you have a decent salary.
But yea, I agree with Josh, I think the most important thing is your current status. If you’ve got a good stable job, you shouldn’t worry so much about the past even if you had problems before. Institutions, like people, are often willing to give second chances!