Today we’re joined by our good friend Trey DelGreco with Movement Mortgage to answer a two-part question: What is the minimum down payment and credit score needed to obtain a loan these days?
This is a question Trey hears all the time and the right answer depends on your situation. Typically, the higher your credit score is, the less of a down payment you’ll need, while a lower score will require a higher down payment.
“There are down-payment assistance programs out there.”
The target minimum for most loans is a 620 credit score. You can get a conventional or FHA loan with this score, but you might need more of a down payment.
If you don’t have a big down payment or any down payment, there are options for you. There are down-payment assistance programs as well as 0% financing programs available. Just be ready to have a higher credit score if you apply for one of those programs. They typically require at least a 640 score.
If you have any questions for Trey, give him a call at (407) 240-7063. If you have any other real estate-related questions for us, feel free to contact us via phone or email anytime. We look forward to hearing from you soon.
