Mortgage Broker Company - What Does My Credit Score Need To Be To Get A Good Mortgage

Your credit score should be as high as you can get it. However, you can get financing if your credit score is 620 or above. There are programs that will let you finance 100% of your home. Some even 104% or 107% financing - 3% or 7% for closing costs. However, This is not recommended unless you plan on living in the house for a few years. If you plan to move in a couple of years you will not build enough equity or account for the market to go up and possibly lose money if you try to sell to soo.

Some lenders will give 100% financing for scores 580 or below. Once again this is not recommended if you aren’t planning to stay in the house that long.