what is the average credit score needed for 2 people to obtain a loan for a new home purchase?

Public Comments

1. 520 for medium intrest rate
2. 720 or above is looking good.
3. Depending on what kind of interest rate you want. It can very though. Not sure where you live or even if they offer this program though, but I had not so good credit when I purchased my home and ended up going through a program called ACORN housing. Try looking it up to see if they have it in your area. You can get a good rate with them. A lot of banks of first time buyer programs as well.
4. somewhere in mid to upper 500's. Home loans are not soley based on credit score. Job time, income, and collateral play an important role in determining approval. The banks like to see 50% of debt to income or less. Contact a local mortgage company and ask about FHA Financing.
5. Here's a good example for your info: For a $216,000 30-year, fixed rate mortgage: If your FICO® score is: Your interest rate is: ...and your monthly payment is: national interest rates, updated daily 760 - 850 5.81% $1,268 700 - 759 6.03% $1,299 680 - 699 6.21% $1,324 660 - 679 6.42% $1,354 640 - 659 6.85% $1,415 620 - 639 7.4% $1,495
6. 580 for 100% financing. Either Borrower or co-borrower can have this score. Talk to a loan officer. Some lenders will take a borrower with a score of 875 or below as long as the co-borrower has the 580 score or visa versa... a lot of lenders have specials running monthly to even out they're portfolios.
7. Depends on many factors. With a downpayment of at least 30%, you can get a hard money loan without even showing a credit score. While there are very few couples who can put 30% down, a good target with at least some money down is 680. Anything below and rates start to climb, anything above and more options become available. Above 720 and the world's your oyster. With two people, they take the lower score of the two. If the lender uses 3-scores they take the middle score for each borrower and use the lower of those two.