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Credit Scores

Discussion in 'Money & Finance Forum' started by Thelt, Dec 10, 2008.

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  1. Dec 10, 2008 at 2:27 PM #1
    Thelt

    Thelt Full Access Member

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    What kind of credit score do you need to qualify for a mortgage in the current environment? What score do you need to get a decent rate?
     
  2. Dec 10, 2008 at 2:38 PM #2
    Captain Morgan

    Captain Morgan Full Access Member

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    7
     
  3. Dec 10, 2008 at 10:32 PM #3
    tharan000

    tharan000 Full Access Member

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    If you have to ask, then you don't qualify.
     
  4. Dec 11, 2008 at 4:58 AM #4
    tonync55

    tonync55 Full Access Member

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    I'm hearing 750 to qualify,rates go down from there up.:nopityA:
     
  5. Dec 11, 2008 at 6:30 AM #5
    Thelt

    Thelt Full Access Member

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    I am not looking to buy right now I am just curious. I doubt it is really 750 just to qualify though.
     
  6. Dec 11, 2008 at 8:18 AM #6
    VA49er

    VA49er Full Access Member

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    Don't doubt it. It is tougher as banks are scared shitless to lend these days. It used to be anything over 700 and you were good to go but now I'd imagine it is even higher. I"m pretty sure they are verifiying income now too. If not, they should be shot.
     
  7. Dec 11, 2008 at 10:47 AM #7
    wolfpac

    wolfpac Full Access Member

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    Anything below 680 will get you laughed at. The thing I have been hearing is that the lower the score, the higher the down payment you will need which is old school lending essentially and VA is right, they are verifying things now. Which is what underwriting should have been doing the whole freaking time.
     
  8. Dec 11, 2008 at 11:34 AM #8
    Playa

    Playa The coach is a near

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    Bet you're kicking yourself for selling that pop-up trailer now huh?
     
  9. Dec 11, 2008 at 12:10 PM #9
    chipshotx

    chipshotx Full Access Member

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    Or getting that lift on the Explorer.

    :suicide:
     
  10. Dec 11, 2008 at 12:51 PM #10
    49erpi

    49erpi Full Access Member

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    lol
     
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