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

Question

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?

Answer 1

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.

Answer 2

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.

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