what is the average credit score needed to qualify for a home loan?

Public Comments

1. It depends on what type of loan you want & what your lender requires as a minimum credit score. FHA loans allow lower credit scores & you can contact a Sub-prime lender if you have a low credit score.
2. as long as your score is in the high 600's you will be ok, but you need to make sure you have no open bad debt... and if you do settle the debt don't paid it in full...it looks the same on your credit score and you save yourself some money...and the best time to settle a bad debt is the last week of the month, compaines are more likely to take a lower settlement right before month end.... just a little insider info! :)
3. You can get a subprime loan with credit scores down to a 580. You would have to have 3 tradelines, 1 which would have to of had a min. balance of over $5000.
4. Subprime starts at a 500 mid score. The par rates that you see in the newspaper are for 80% or less loans with a 620 or better score without excessive debt or bad payment history. For higher loan to value (LTV) loans the average is about 680 for the normal going rates. Your average credit score will have to match the program that you are applying for... but if you have a score about 675 without any mortgage or rental payment lates in the past 12-24 months, don't have excessive monthly payments on credit cards and car payments... you'll approve for just about all mortgage programs...