For real estate loans 620 is the new magic number

Much of the real estate activity seen in the last year can be contributed to real estate lending rates at near historic lows, home prices down 50-60% since 2006, and the First Time Home Buyer Tax Credit (extended and expanded for people that currently own a home). That being the bright side is beginning to be over shadowed by the anticipated continued tightening of credit guidelines and new regulations for home appraisals.

Home buyers trying to buy a home today and qualifying for a real estate loan under current lender guidelines is much more difficult today than two years ago.  And they are about to become even more difficult.  Starting about December 12 Fannie Mae is tightening its lending standards, including loans backed by FHA and VA. If your credit score is less than 620 you are now going to find it very difficult to qualify for a mortgage. A credit score of 720 is now the standard for the best interest rates and with verifiable income.

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