Was YOUR Credit Score and Savings strong when getting your first Property??

[Dyryl Burnett]

Greetings All, I'm really desiring to make my first purchase before the close of 2014 but I'm a little worried about my current credit score. I hear different FICO scores everyday and am currently repairing my score. What would you suggest as a min credit score for pre-approval of either a FHA or Conventional loan. Also was your savings high? Did you borrow? DB

[Gualter Amarelo]

Currently the minimum accepted score is for the FHA loan product according to the lenders I have questioned in my area, but please be aware that every bank has different guidelines and you have to keep talking to different lenders to find the right product for you. An FHA loan minimum score is was 600 median score last time I checked a few months ago.

You MUST have some sort of savings and a steady job. There are some city and state programs in the larger cities that will actually help contribute towards your downpayment if you are low income and can qualify for their product. 

Basically if you call a different lender every day for 3 weeks you should be able to find someone who has a product for you! Stay away from the large banks, they cost more and take more time to close. Also they are very narrow minded, but for a first time home buyer it might not be an issue.

Happy Investing!