Rocky, Home Buyer in Eastlake Greens, Chula...

Can i buy a house if my Credit score is 700? If so, how much would be the interest.

Asked by Rocky, Eastlake Greens, Chula Vista, CA Tue Apr 26, 2011

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Easily and you are looking at a rate in the 4.5% range depending on when you lock in your rate. A 15 yr loan may be an option which could give you a rate at 4% give or take depending on the lender. I can recommend some lenders in San Diego that offer great loan products.
3 votes Thank Flag Link Sun Sep 15, 2013
Rocky, You can most certainly buy a house with a 700 credit score. The interest rate will vary depending on the finance program you choose. Interest rates can be as low as 3.875% for 30 Year Fixed. Other factors such as your income, debt, down payment amount, and job stability are also a factor when finacing your home purchase. Down payment assistance as well as Govenment grants are available for first-time buyers with very little money down 1/2% - 1% down.

Call me at 619.929.0280 I can sit with you and guide you through the buying process. I work with a great lender that can go over all of the finance options and answer all of the questions you may have.

Gloria Talamantes
Legacy Realty - DRE#:01505068
Direct: (619) 929-0380
E-Fax: (866) 894-5303
Hablo Español
1750 East Palomar Street, #4
Chula Vista, Ca 91913
1 vote Thank Flag Link Wed Sep 14, 2011
The quickest and most painless way to find out what qualify for is to contact a lender. We have some awesome programs right now for first-time buyers that can put you into your home with as little as 1/2% down. These buyer Grant Programs are relatively easy to qualify for especially for someone with your credit scores. Please don't be afraid to inquire, it's not a scary as some may think.

Best of Luck!
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1 vote Thank Flag Link Wed Apr 27, 2011
You may qualify FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify for FHA 3.5% down or even as low as .5% half percent down payment program. You will have another choice of .5% half percent down payment program CHDAP with a silent second from a minimum 640 fico score.

You may consider 3% down conventional with a minimum 700 fico score and 5% down conventional with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score. The interest rate varies on each program and depending on your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs. There is a chance of raising your fico scores a little more and qualify under 4% depending on your loan amount. Your fico scores can be raised in 3-4 days in most cases...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 7pm Monday thru Saturday, Sundays by appt.
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0 votes Thank Flag Link Tue Nov 5, 2013
You should have no problem getting a home mortgage loan with a 700. Make sure to shop around for the best loan. Good Job
0 votes Thank Flag Link Fri Sep 27, 2013
Yes you can. Get pre approved asap rates are always changing and going up for sure. If you are interested in looking at any homes let me know I am local in 91913. If you need a lender I can refer one as well
0 votes Thank Flag Link Fri Sep 27, 2013
Rocky, sounds like you have a great credit score. 700 is very good. You would have to contact a lender to see what the interest rat would be. If you would like you can email me and I will refer you a lender and help you with your loan. Would you like me to help you find your home? Dawn Lewis 619-981-3917
0 votes Thank Flag Link Mon Jun 6, 2011
Hello! 700 fico would be a strong enough credit score to qualify for a home loan. We also look at several other items to qualify a person for a home loan, including but not limited to income and asset information. Interest rates change daily and can be affected by the different variables particular to your transaction but if it is a “cookie cutter” transaction you can expect a rate today at 4.875% on a 30 year fixed.
0 votes Thank Flag Link Fri Apr 29, 2011
Hi Rocky...
a 700 score used to be a SUPER credit score, now, it is treated as above average by most lenders. The "NEW" super score is 740 with most conventional lenders (Fannie and Freddie). That being said, FHA lenders consider 700 Scores to be excellent (still not super), and you usually will qualify for a bit lower rate with FHA lenders.

But, as some other answers have already said, Credit Scores are just one factor of about 4-6 factors the lender looks over before giving you a loan. Income, existing debt, length of time in your job, the type of home you are buying and its appraised values are among the others.

We have also a first time home buyer program that matches your downpayment 4:1 up to 7500 dollars. It is a great program, and the buyer must have 1000 of their own money. The program is funded through the Federal Home Loan Bank of Atlanta, and is legal in all 50 states. There are other qualifying conditions, but as I said, it is a great program!
Best wishes in your search, Jim, HSOA 703 615 4675.
0 votes Thank Flag Link Thu Apr 28, 2011
Hi Rocky,

There's a few different factors that will determine the interest rate. Credit score is just one. I have a great senior loan officer at Bank of America I could have her call you if you'd like. Let me know.
0 votes Thank Flag Link Wed Apr 27, 2011
Hi Rocky,
It all depends on how much of a house you want to buy and the prevailing rate at the time you close escrow. I'll recommend that you get pre-approved for what you need and then go house hunting. Good luck!
0 votes Thank Flag Link Wed Apr 27, 2011
Hello Rocky,

I hope this message finds you well; a 700 fico is a great deal! You should be able to get top notch interest rates and great pricing. Now your next step to take is to get pre-approve through a mortgage banker and compare that approval with your desire purchase price. You will be amazed of how affordable home purchasing has become now days.

I have a great deal coming up this Friday in Eastlake; if you are interested please don't hesitate to contact me.

Best Regards,
0 votes Thank Flag Link Tue Apr 26, 2011
Hi Rocky,
A score of 700 can certainly get you in the door! However, there are several items that need to fall into place.
Income, debt to income ratio., what loan program you qualify, cash for down payment ,closing costs and more. My suggestion is to contact your favorite bank and see what program you qualify for. Sometimes you can have some of these fees covered. As a Realtor, I can also suggest a Lender in the area. Please contact me.
Thank You,
Maria Esparza
0 votes Thank Flag Link Tue Apr 26, 2011
Hi Rocky,

Your credit is good, there's no reason you couldn't buy a house. Lenders look at other criteria too such as income & expenses, available credit, etc. The basic loans are conventional with a 20% down payment, FHA with 3.5%, VA with 0%. Your interest will vary, the numbers you see today will likely be different tomorrow, or even later today, as rates change all the time. Don't shop lenders based on interest rate, they'll all be competitive when it comes down to locking your rate in. Instead, compare their fees. Also, not all lenders are alike, some of the larger ones are more difficult to work with than a smaller lender who have the flexibility to inject some common sense in certain situations. There are also loans on bank owned properties based on who owns them if the property and buyer qualifies. Your best bet is to talk to a few lenders to see what type of loan you'd qualify for. I can help you figure out your likely loan type and help you with lender fees.

Let me know if I can answer any other questions, or if you'd like me to send you some direct lenders to talk to. Often, banks ask buyers to be approved with a direct lender, as opposed to a broker, who could be anyone.

Best Regards,
0 votes Thank Flag Link Tue Apr 26, 2011
Good Morning Rocky!
it is great news that you have a 700 credit score. Now, you need to take your income papers (proof of income for las two months, last 2 years tax returns, last 2 months bank statements) to your bank or financing company so they can prequalify you and give you written notice of how much you qualify for. Based on that, THEN you can start looking for the house of your dreams. Buyers getting pre-qualified before starting to look at homes to buy save a lot of time and gasoline, I wish most of buyers would do that. So start getting your paperwork together so you can find out the price of the house that you can buy and start looking for one. NAd by the way, congratulations for your score!
Have a great day!

Raquel Coronel P.A. - Realtor - Keller Williams Realty Premier Properties.
(305) 989-5894 - -
0 votes Thank Flag Link Tue Apr 26, 2011
Hi Rocky,

A credit score is not the only factor that will determine if you can get a house.. its like cooking, different ingredients all coming together to complete a great meal. To get a house, DTI, income, and credit will all determine how much house you can afford. So just because you have an
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0 votes Thank Flag Link Tue Apr 26, 2011
Hi Rocky,

I'm a buyer like you. Our credit scores hover around 800, but our mortgage guy said our rate would be 4.625% - 0 points - 30 years fixed, and that rate is for anyone with a score over 680 at Countrywide.
Kinda irritates me that someone with scores 120 points below us gets the same consideration but oh well. Now you know - there's no rate penalty for having a 700 score in the mortgage world.
0 votes Thank Flag Link Tue Apr 26, 2011
You're good to go! Consult with a local lender(s) to get quotes on interest rates.
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0 votes Thank Flag Link Tue Apr 26, 2011
Hi, A 700 credit score is definitely god enough to buy a home. the other main questions will be what your income is, your debt to income ratios, assets, etc. Your best bet is to make a phone call to a reputable mortgage lender and have them answer all of your questions. There is no fee for the research and you will get the answers straight from the horses mouth. there are many programs available today so they will tell you what your options are.

0 votes Thank Flag Link Tue Apr 26, 2011
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