Not necessarily, but it will certainly help. It is possible to get a conventional mortgage with a FICO credit score as low as 620, and you can obtain a higher-cost FHA mortgage with a score in the 500s. However, be aware that the lower your score, the higher your interest rate may be.
Disclaimer: All loans are subject to credit, underwriting and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. Magnum Opus Federal Corporation. 461 North 3rd Street, 3rd Floor. Philadelphia, PA 19123. Corp NMLS# 890454. Licensed by the Pennsylvania Department of Banking License No. 37402. Delaware Banking Commission License No. 012261. District of Columbia Department of Banking License No. MLB890454. State of Texas.
