Why is it so hard to find reliable information about minimal credit scores for San Antonio home loans?
The answer is simple.
In today's post Great Recession mortgage lending environment, the lenders seem reluctant to post definitive guidance about almost anything. That's because loan qualification standards are strict, multifactorial, and not just limited to an applicant's credit scores.
That said, there are some credit score quotes that are reasonably consistent across many lending websites. They are:
- FHA loan - 620 minimum score and without a history of bankruptcy and with a positive history of paying creditors on time
- Conventional loan - 680 minimum score and without a history of bankruptcy and with a positive history of payting creditors on time
- VA loan - 620 minimum score and without a history of bankruptcy and with a positive history of paying creditors on time
Be mindful that, from the perspective of a lender, credit scores are only a part of a much bigger picture. We recommend, therefore, that you consult with a loan officer at a mortgage brokerage, bank or credit union.
When the time comes to apply for a mortgage loan, it pays to shop around, so don't be shy about talking with many lenders because not all lenders have the same loan costs, terms. and conditions.
For a list of lenders with a proven record of providing satisfactory service for our home buyers, visit our lender page.
Call them. They'll be glad to hear from you because they want your business.
Please visit our website or call us for the best San Antonio area home buying and selling advice and assistance. We are - For the best home selling advice and assistance, visit our website at sanantoniohomequest.com
or call Stephanie Kelley at (210) 867-8743 or Randy Kelley at (210) 863-2661.
Stephanie & Randy Kelley
Realtors®
Keller Williams
Lecacy
San Antonio, Texas
78258
Steven Gragg Broker
(210) 863-2661 or (210) 867-8743
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