What was your credit score

when you were approved for a mortgage? My hubby and I are starting to look into buying a home and everyone keeps telling me people who dont have good credit can still get a house. We have fair credit, paying some stuff off. We have plenty of money for 10 % down and more then likely have a co-signer if we need it. But I was just curious what everyone else has dealt with and if you have any recommendations on where we should try and get a mortgage from! Thanks.

Quoting Atticus's Mommy:“ when you were approved for a mortgage? My hubby and I are starting to look into buying a home and everyone ... [snip!] ... what everyone else has dealt with and if you have any recommendations on where we should try and get a mortgage from! Thanks.”

mine was 716, hubby's was around 740-745. check your credit report, and ask friends or relatives who they used for their mortgage, and get pros and cons about the banks.

Quoting Atticus's Mommy:“ when you were approved for a mortgage? My hubby and I are starting to look into buying a home and everyone ... [snip!] ... what everyone else has dealt with and if you have any recommendations on where we should try and get a mortgage from! Thanks.”

The average is 620 to be approved. Bank of a America will do it with a down payment I am sure and if your dept to income ratio looks good. Good luck. It is so stressful buying a house. I hope it goes smoothly for you guys.

We just bought a home in March. We qualified for an FHA loan, you have to have 3.5% down and the house has to be under a certain dollar amount to qualify. Our credit scores were in the low 600's. (I think between 610-621 if I remember right)

however- for a conventional loan- we were told we'd have to have near perfect credit and at LEAST 15% down, neither of which we had.

Our home was $120K, so it's not a super low amount. The first one we tried to get approved fell through because it was a farm site, with 5 acres, but had a second house on it (that we wanted to pull down) but they qualified it as an "investment property" becuase of the second home and wouldn't give us the loan.

Mine was 708-730. The have to use the middle score though.My husband has no credit at all so we have to build his a little and then go back.

Also- your debt to income ratio matters as much if not more than your credit score right now. Our scores weren't great....but our debt to income was very good. I became an RN 2 years ago..and instead of spending more $$, we spent that time paying off almost everything but the current mortgage- so the lenders were impressed.

Well I would say our credit score is in the low 600"s but if we needed we can have whatever they need us to put down and a co signer as well. So hopefully our chances are better with that. But I know plenty of people that have had repo's. foreclosures and they are able to get a house. So we will see I suppose!

As far as down payment- if it's not money you have saved that counts against you too. (like if your parents help you) We had a bunch in savings...and they claimed it was an abnormal amount for our income...we had to give bank statements for the past 2 years showing that it was money we deposited in normal amounts- not "gift money" from anyone.

FHA will let you have more "gift money" than a conventional loan too- but even that has a limit.

Call a loan officer- most will see if you qualify for pre-approval for free. Honestly- we thought there was no way we'd get a house in this economy and our credit scores- so I just called so I would stop dreaming. When they approved us we started seriously looking- and found the perfect home for us.