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Rainmaker
812,854
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

It depends! You should have excellent credit and money management skills.

Because if you can't handle money now, you will fail at homeownership.

Sep 12, 2020 07:14 AM
Rainmaker
821,960
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I saw a program last night (3 am) revealing how I can buy and sell real estate and use none of my own money. 
Your question implies you are seeking a mortgage to make a resideintial property purchase. Every lender has their own critera and ratios to which they must adhere. At the start of the Chase cycle a 700 score will get you money but at the end of the cycle, when the ratios are met a 740 gets the money.
When scores are below 700, you really, really, really need to touch base with a mortgage broker (not a bank) to find who is willing to get you into a house. A LOCAL broker may also know of other resources available to  reduce cost or even price that should be beneficial to a buyer.
I don't want to sound self-serving, but it may be a good action to contact a REALTOR who sign appears in the yard of properties you like, so they can help you identify a lender who knows how the get the job done.

Sep 12, 2020 06:28 AM
Rainmaker
456,396
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Zero, if you have enough cash.  Do you want to know what the minimum credit score one can have and still get a loan from a bank? That's a different question.

Sep 12, 2020 05:56 AM
Rainmaker
2,954,520
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am not a lender, but I think it is at least 620.  I know lenders can also do it with lower scores, but the terms are different and there are a lot of other factors that go into it.  The higher the score, the better the rate!

Sep 12, 2020 05:48 AM
Rainer
214,014
Don Baker
Lane Realty - Eatonton, GA

720+ for the best rate

Sep 12, 2020 12:40 PM
Rainmaker
876,749
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Your local lender would be most helpful to you

Sep 12, 2020 07:39 AM
Rainmaker
786,604
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Great answers here, Daniel. It is easy to say, the higher the better. Don't forget, you also need ability to repay...general, a job. Also, you will probably need at least a small down payment unless you qualify for certain specialty loans like VA.

Sep 12, 2020 07:37 AM
Rainmaker
2,886,836
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I suggest you work with a great local lender and allow that person to guide you on lending criteria.  

Sep 12, 2020 07:29 AM
Ambassador
1,738,906
Alan May
Jameson Sotheby's International Realty - Evanston, IL
There's no place like home.

I've heard from lenders who can 'manage' to work with numbers as low as in the high 500's, but that can be a very difficult loan.

These days, lenders consider the low to mid 700's a "good" credit score.  Even scores in the high 600's can make them smile.

the higher your score the easier it is to get a good interest rate... those lower numbers will cost you a premium.

Sep 12, 2020 06:57 AM
Rainmaker
118,052
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, VA, GA, FL and AL

In general, 640. The higher your score, the better your rate/fees. There are lenders that will do FHA loans down to 580 but you will pay a higher price for those loans and you need to pretty much be paid as agreed for the last year on all your credit.

Sep 12, 2020 06:31 AM
Rainmaker
1,619,205
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Lots of different programs but I've heard like 550 the lowest. That's some messed up credit with that number.

Sep 12, 2020 06:01 AM
Rainmaker
119,650
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 702-574-8102
Sep 13, 2020 03:35 AM
Ambassador
3,007,168
Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  just posted a great article on AR about rates and the process of obtaining a loan approval.  I highly recommend reading that to get a more indepth perspective.

Sep 12, 2020 10:55 AM
Rainmaker
1,443,029
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Yes, right, DEPENDS, as Candice A. Donofrio said.

Sep 13, 2020 09:15 AM
Rainmaker
1,050,262
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Jason E. Gordon 

Sep 13, 2020 08:22 AM
Rainmaker
1,273,915
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Just wrote a post regarding this very topic, Daniel Elton ... here's the post/link: 

What Interest Rate Can I Get on a Mortgage?

If you have questions or are in need of clarification, give me a shout ...

Gene

Sep 13, 2020 07:33 AM
Ambassador
2,469,132
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Depends upon the mortgage loan.   720+ is ideal.  Mid 600's will start a conversation with many lenders.  High 500's maybe you can get a high-risk FHA loan. 

BTW, the score that you get from Transunion, Equifax, Experian (Free Annual Credit Report) may NOT be the score that your lender sees.  

As others said, talk with a lender.  I suggest that you start at your own bank or credit union (if they offer mortgage loans).

Sep 12, 2020 07:09 PM
Rainmaker
515,003
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE

Different programs have different minimum credit score requirements. We also look at the loan amount, purchase price, and your cash-flow (amongst other things) when evaluating a Borrower's ability to meet approval guidelines. Feel free to reach out to me directly if you wish. My direct line is 619-200-8031, email is jgordon@amerifirst.us

Sep 14, 2020 10:29 AM
Rainmaker
589,929
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

You should contact a good lender to find out all of the programs available.  There are many options that affect needed credit score including paying all cash.

Sep 12, 2020 11:33 PM