what credit score do i need?

with all the foreclosures and ive heard that it may not even be possible to get 100% financing anymore and guidelines are going to be stricter what would the min. credit score needed to secure a home loan. Will you have to have 700+ or can you get away with something lower around 650...? its so confusing since everything in mortgages seems like it changes everyday due to all the foreclosures. for clarification I wasnt asking how to improve my credit i know how to do that. I was just asking with all the mortgage foresclosures if anyone knew if they were gonna put a cap on how low your score can be to be approved.

Public Comments

1. Fortunately, credit score alone does not a mortgage approval make. Usually above 660 is ideal, but I've seen lower get approved, dependent on the situation. FYI, most mortgage places (a local bank would do this too) will do a free pre-approval; that is, you can do the application and find out what the terms would be and if you're approved, without actually having to get the loan. Good luck.
2. You probably wont get 100% with 650. The sub prime market is all but gone. You might be able to do an 80/20 though. Try Countrywide. They are so freaking desparate to do business it's almost pathetic.
3. 650 will probably work right now if you have very little other debt and a good income. If you have a low income, tons of debt, and no credit, forget about it.
4. You can get a mortgage with a lower credit score, but it will mean a larger down payment and a higher interest rate! Since your asking about this now, why not do your best to clean up your credit reports? Improving your score now by challenging negatives on your credit reports while paying on time and only using about 1/3rd of your credit limits will only look good on you! The website below is really good as explaining credit repair in plain english and in good detail. I used this site and got my credit score up from 485 to 720 in a little over a year! I also used a sponsored link in this site for Lexington Law Firm which helped me LEGALLY challenge my negative items and it's a lot more affordable than you could imagine! A part that would really interst you is the "how credit scoring works" section. I would also get a credit monitoring service like the one from Equifax or Transunion and watch your credit reports. You are free to check your own credit as often as you want and it cannot make your score go down. I'm really glad I found help that motivated me to take action and get started!
5. Depends on your income and other outstanding debt, stated income loans have dwindled, Credit Score is not all they look at, must meet minimum debt service ratios. And they look your job history. I found interesting information about your answer & the best options here. http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html Good luck!
6. 720 is the magic score that approves all, but anything above 650 fico score, low debt to income ratio will get you approved from car loans to homes. For more info on foreclosures and credit worries, you should check out www.investingwithoutlosing.com so you can see for yourself the guides and requirements.