You want your credit score as high as possible, in order to get the best rates on your mortgage. Over time a high a rate translates into a much higher cost. Work on getting your score up over 700 by reducing debt, consolidating credit payments and paying off all credit cards on time.
Risa Liebster, Realtor®
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
Credit scores alone are not the only thing that lenders look at. They look at your overall financial picture, Credit Scores, any derogatoriness, down payment, cash on hand, income, etc.
I recommend that you start with a mortgage broker and get pre-qualified for a loan or at least give them your financial picture and they will let you know what you will need to do to qualify, if anything.
Good luck and all the best,
Recently, I got a lender stating with 500 fico score with 10% down even with late payments! Besides this, FHA is a great loan nowadays. If you don't have credit established at all, you can use "alternative" credit like utility bills, car insurance installments, cable bill, just to name a few.
Let me know if you need the information of this lender.
The credit score that is needed to get a home varies by lender and loan program. What is most important to know is that the higher your credit score, the lower the interest rate you will get on your loan. And when you are financing hundreds of thousands of dollars, that translates into a lot of money over time. As a quick synopsis:
FICO over 580 - FHA or VA and possibly USDA
FICO over 640 - all government insured loans FHA, VA, USDA, Fannie Mae, Freddie Mac
FICO over 740 - all loans and the best market rates for each type of loan
You should also look at the fees being charged. These add up quickly and increase your effective interest rate over the loan. If you would like to explore home loans with a great lender, contact me. I work with a few lenders, some low priced, some able to do the more difficult deals. We can match you up with the right one and get you started.
Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Depending on type of loan program, down payment, and many, many other mitigating factors, lenders need a credit score of 620 MINIMUM. However, scores of 740 or above will get preferred rates.
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
If you need a loan officer, feel free to call me, I have one I have worked with for years and he is very good. I would be happy to give you there contact information. By the way, congratulations on realizing buying a home right now is one of the best times in years to be a home buyer.
Have a great day,
Heather Paul, Realtor
I work with first time home buyers and upgrade buyers and have several preferred lenders that work hard to find good SOLID programs that will meet you where you are at in terms of down payment assistance and loan help.
Feel free to call with any of your other home buyer questions.
HRS: 7:30am - 7:30pm
DAYS: 7 days a week
I have found Rick Smith to be a great mortgage broker with lots of good info & advice. He has helped many of my clients get mortgage loans & own their first home. You can reach him at 818-464-5366.
All the Best,
Century21 Luxury Homes Consultant
Risa Liebster, RealtorÂ®