Saturday, January 30th, 2010

does a first time home buyer need a credit score of 620 or above in order to qualify for the tax credit?

tax credit score
Troysong asked:


My husband and I are both disabled with a permanent income. We both receive social security disability and will until we die. I am 47 and my husband is 62. the real estate agent we have been dealing with is telling us that a permanent income counts for nothing without a 620 or above on our credit score. Can’t we get a loan from some source other than a bank?

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4 Responses to “does a first time home buyer need a credit score of 620 or above in order to qualify for the tax credit?”

My Take on It Says:
February 2nd, 2010 at 11:18 am

620 is what FHA are requiring you to have as a credit score in order to get a mortgage.

Only way to get a loan without a bank is find a house that is being owner financed.

Michael T Says:
February 4th, 2010 at 5:33 pm

FHA requires a 620 credit score and conventional loans require a higher credit score. Credit score, salary, debt ratios, and down payment must all meet the minimum requirement to qualify for a loan.

If any do not meet the minimum requirement, it makes no sense to continue the process.

There are no longer such loans on the market such as subprime or liars loans.

Truth B Says:
February 7th, 2010 at 12:41 am

That 620 score is definitely what lenders are looking for to reduce their lending risk. A permanent income from the government should stand for something. List your other assets. To bad you don’t mention your credit score. The us gov offers straight forward advice to repair your credit. Start right away and see what you can do to increase your score. If one of you have a better score than the other put that person first on the loan app. Find a real estate agent that is working to find you the best value for your price range. Find a loan officer that gets you the best rate. Your real estate agent is not your banker. Search the Internet and speak to your local banks. Good Luck!

Micheal Says:
February 10th, 2010 at 3:57 am

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