First-time Home Buyer Nm Credit Score. Generally, lenders look for scores of 580 or more, but many are willing to drop to as low as 500 for a larger down payment. Minimum credit score of 580, although some lenders might allow a score as low as 500 with 10% down.
Borrowers need just a 3% down payment. A “bad” credit score falls somewhere between 300 and 579 on the fico credit scoring scale. Click here to see if you are eligible to buy a home using a down payment assistance program.
Next, the credit score requirements are much more lax.
The rate will not change throughout the 30 year term of the loan, so it allows you to better estimate and plan your monthly mortgage expenses, which can be very helpful to the first time home buyer. Alternative credit qualification for homebuyers is available in. Generally, lenders look for scores of 580 or more, but many are willing to drop to as low as 500 for a larger down payment. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an apr of 11.51%.
