Do you know what the minimum score is to obtain a loan in today's market? While some believe it is 580 because the FHA will back that score, the reality is much different.

Due to stricter policies and bigger risks, most lenders will not offer a loan to an applicant with a score lower than 620. However, that will still require some searching.

If your score is between a 680 and 699 an FHA, VA or USDA will be the best route for you.  To get the BEST rate offered in the market you'll need a 760! If you're between those two, your rate will vary due to higher risk.

If your score is below 700,  a larger down payment will help you to qualify.

Click Here for More Info Regarding Credit Scores

Take a look at how your score can affect your monthly payment:

• With a credit score of 825, the consumer would have an interest rate of 4.403%.  On a $200,000 30-year fixed rate mortgage, the consumer would spend $1,001.88 per month.  After 30 years a total of $360,675.46 would be paid on your mortgage.
• With a credit score of 725 (national median), the consumer would have an interest rate of 4.625%.  On a $200,000 30-year fixed rate mortgage, the consumer would spend $1028.28 per month.  After 30 years, a total of $370,180.45 would be paid on your mortgage.
• With a credit score of 620, the consumer would have an interest rate of 5.992%.  On a $200,000 30-year fixed rate mortgage, the consumer would spend $1198.07 per month.  After 30 years, a total of $431,306.13 would be paid on your mortgage.
  
  Do you know what your CREDIT SCORE is?