Is there a magic number? Is it 650? 750? What should I use as my benchmark for being ready to apply for financing? I’ve done a lot to repair my formerly blemished credit history and would like to know when I should feel confident again.
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anything above 650 should be good 700′s are considered very good and 800 excellent but anything above 650 should do.
Generally, anything above 650 would be good enough, but we’re kind of in a mortgage crisis right now, so lenders are being very picky. To get the best rate right now, you would probably need a score upwards of 700.
I got my mortgage, a 30 year fixed rate at 6.1%. I had a 650 credit score, and was also 2 years out of a bankruptcy.
This was a first time home buyer program FHA loan. There are tons of programs for first time buyers. What I did is I made a request on lending tree and waited for the best offer to come in. It took about a month, and about 12 offers. Don’t let a mortgage broker screw you, they are desperate rate now and you should be able to get the best possible deal. Don’t do an arm, only a low fixed rate!Good Luck!