Generally speaking, 640 is the minimum credit score to qualify for a conventional, FHA or VA loan. Note: The credit score you see when you check it online may differ from the credit score which a mortgage lender sees — they get a score which gives more weight to certain items on your credit history that are important to them.
That said, if your personal credit score is close to or below 640, you may need to have someone like Bruce Gustafson (303-596-0780) work with you on tweaking your credit score. He does not charge for this service if you’re applying for a mortgage or refinancing.
It’s important to know also that mortgage rates are tiered based on your credit score. Bruce tells me that for every 20 points your score exceeds 640 (up to 740), you might qualify for as much as a 1.5% lower interest rate. On, say, a $400,000 loan, a 1.5% lower rate means a $400 per month reduction in your monthly mortgage payment, or a $140,000 savings over the life of the loan, so it’s definitely worth speaking with someone like Bruce, even if your credit score is over 640.