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Here’s an example: Let’s say you’re buying a $400,000 house with a 20 percent down payment, and your high credit score qualifies you for a 30-year fixed mortgage at an interest rate of 6.2 ...
A borrower with an exceptional credit score between 760 and 850 can get a 30-year fixed rate mortgage of $300,000 at an average rate of 7.550%, according to FICO.
Loan Type. Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) USDA loans. The USDA has no minimum limit, but lenders generally like ...
A low DTI may help you qualify for a mortgage even with a lower credit score. Mortgage reserves: ... They also may have varying minimum credit score requirements based on the type of loan, your ...
Exceptional Credit. 800 and above. With a credit score of 800 and above, you can get approved for a mortgage loan more easily. Approval is not, however, guaranteed.
They have no down payment requirement, and credit score requirements vary by lender. ... Term length: Most home loans have 15- or 30-year terms, although there are 10-year, ...
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