There was a time when you could get a mortgage, regardless of your credit score. There were no-credit loans, loans for people without incomes or assets, and even home loans for people who had recently declared bankruptcy.
Unfortunately, these lax lending standards were a major contributor to the near-collapse of the U.S. financial system in 2008. Lending standards have tightened considerably since then. In order to get a mortgage now, you need to be able to document your ability to pay it back, and mortgage lenders want to see a reasonably good credit history.
Having said that, you don’t need an excellent FICO® Score to get a mortgage. In fact, if your employment, assets and other qualifications justify the loan, you might be surprised with the minimum FICO® Score requirements for mortgage loans.
BWC Lending, Senior Loan Officer told KTRH," 760 is the ideal credit score, but there are many things lenders look at. Get with your mortgage person and talk to them about getting pre-approved and know exactly where you stand."