What credit score is needed for clayton homes?

Esperanza Lockman asked a question: What credit score is needed for clayton homes?
Asked By: Esperanza Lockman
Date created: Tue, May 18, 2021 9:33 PM
Date updated: Wed, Aug 10, 2022 12:50 AM


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Minimum credit score is 701.

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Many lenders may be able to help you get prequalified for a mortgage even before you visit your local home center. A prequalification typically requires a short conversation with your chosen lender and maybe a look at your credit score.

FHA changed the minimum credit scores for new borrowers: New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program; New borrowers with less than a 580 credit score will be required to put down at least 10% ; FHA minimum credit score is 500; Foundation Systems

Minimum credit score is 701. Example includes 2.75% origination fee ($1,319.31). Rate, fees, other charges and terms subject to change. $50,500 sales price consists of $41,900 home price plus $8,600 delivery and installation.

Clayton Homes consistently gets good reviews from customers who have purchased and lived in their homes. We found they have an average 4.1-star rating through Consumer Affairs,. This is compared to an average 1.5-star rating for a competitor called Skyline (owned by Champion Homes). Here’s a sample of real reviews from Clayton Homes customers.

So, the higher the credit score, the lower the interest rates will likely be, which ultimately can save you a lot of money on repayment over the life of the loan, especially when buying a home.¹ If you feel like it’s difficult to get any line of credit because you don’t have any credit history for a lender to base anything off of, you are not alone.

Make sure you provide the lender with the correct W-2 Provide your W-2 from the most recent year Some may provide W2s for prior years, but lenders typically require the most recent Provide your most recent proof of employment – such as your latest paystub

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