What credit score are lenders looking for, before approving a new buyer?

Most lenders are looking for at least a 620, but if it is a situation in which you just have a rough score and old derogatory credit, we have programs that will go down to 580. They are tough to get approved for, but many times our score isn't as bad as we think it is. Talk to a reputable lender that knows.

Most lenders can pre approve a median FICO score of 620 with no bankruptcies in the last 7 years or collection accounts, major delinquincies. Generally there will likely be underwriting conditions to full document the answers of the loan application, such a verification of income, employment, rent and deposits.

Scroll down & find Richard! He nails it with excellent, complete information. Also, ask your favorite Lender if there are programs for you for Down Payment & closing cost assistance! Find MONEY on your Pathway to Home Ownership! It's a great feeling!

run do not walk to your nearest bank to get your self pre approved and you will finf out.

This varies from lender to lender. Some banks will be flexible with a large downpayment.

620, however, check with a credit union, mortgage broker, or bank. Need help? Ask me.

Melissa, The information given to you by Richard Overall, is very accurate and well stated. If you follow the suggestion that he gave, you will be headed in the right direction. Nicely done Richard! Good Luck!

Most lenders are looking for a 620 but there are some that can go for a 600.

It depends on the type of loan (620 mid score for a VA loan and 640 mid score for and FHA loan and 680 mid score for a conventional loan). That means that of the three credit bureaus the middle score of the 3 needs to be at least 620, 640 or 680. In addition to score, the lender will consider your debt to income ratio. If you are needing to increase your credit score, there are several simple steps you can take that can impact your scores in a positive way. When you check your own score, the score you get will not be the same as the score the lender pulls. The easiest way to know where you stand is to contact a lender of your choice and get a pre-qualification. There is no cost and no obligation but that is how you will get the truest picture of where you stand. If you find that you need to increase your score dramatically to qualify, there are companies that can help with credit restoration but BEWARE! Most of them are very expensive and in some cases will do more harm than good. Best of luck as you pursue your dream of homeownership. Please let me know if I can help.

Most Lenders are requiring 620+ for a sufficient credit score to purhcase a home.

Usually 620 should be your lowest score in order to qualify for most loan programs.