Home Buying in 60632>Question Details

Irmz76, Home Buyer in 60632

Hi I was just wondering if you need to have perfect credit score for a bank to consider you for a home loan

Asked by Irmz76, 60632 Mon Jul 20, 2009

for first time buyers ?

Help the community by answering this question:


Homebuyer in 60632,
Perfect credit would be somewhere in the ballpark of 750-800+. If only those with perfect credit could purchase a home at this time, this economy would really be in trouble since the majority of people do not have perfect credit. So, no - you do not need perfect credit. However, relative to recent years, it is getting harder to get a loan. You can still get a loan with 600 scores and any thing under 600s in the 500s would be difficult, but not impossible.

By the way, Irmz76 if you are looking to buy in your zip code near Midway, please let me know. I have worked, studied, and/or lived in the Midway area for over 20 years!. So,if you are looking to buy near Midway, anywhere in Illinois, or the Chicagoland area, feel free to call me, if you are currently not working exclusively with an agent, I would be glad to represent you as your buyer's agent.

I hope the response to your question helps.

Thank you,
Carmen Rodriguez
Licensed IL Real Estate Broker
Century 21 SGR
Chicago, IL
0 votes Thank Flag Link Wed Jul 22, 2009
Banks just want to secure you can purchase a home make the payments, same way as if a person were loan you money what is the risk factor. 620 credit score, employment 2 years, 3.5% put down not a bad opportunity annual tax benefits,
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 20, 2009
No, but you need a good income that will support your new payment.

Look at this blog it will help you to learn more about mortgages.
I've got most of my answers there as well.

Good Luck.
0 votes Thank Flag Link Mon Jul 20, 2009



0 votes Thank Flag Link Mon Jul 20, 2009

Like the rest of the answers, you do not need a perfect score. However, I have great lenders who I work with and they will pull your credit for FREE. They will look it over and tell you what you need to get your score higher in order to qualify. They will do all this for FREE! Contact me if you want their numbers at trulia@CarmensHomes.com. My services to you are FREE, if you are a buyer! I am also very good at getting the seller to pay the closing costs, with creative financing. If you have any questions, you can feel free to call my cell, 708-533-0515.

If you are a first time home buyer, you will get $8000 FREE, if you buy a home $80,000 or higher before December 1st. You need to close by November 30th in order to qualify. If you are thinking of a foreclosure or a short sale, the time is NOW, as they take longer in responding etc. and if you wait, you might not close in time.

I look forward to hearing from you,

Carmen Keslin E-Pro
ReMax 10 In the Park
708-533-0515 cell
Web Reference: http://www.CarmensHomes.com
0 votes Thank Flag Link Mon Jul 20, 2009

You don't have to have perfect credit score but It all depends on what time of loan you're looing for. If you go with an FHA product you need a minimum of 600 but if you are looking into conventional you will need a minimum of 680. If you still have questions please don't hesitate to call to make an appoinment so we can discuss all of your options. We are in the neighborhood!

Thanks and good luck,

Erika Villegas
ERA Mi Casa Real Estate
Web Reference: http://MiCasaRealtors.com
0 votes Thank Flag Link Mon Jul 20, 2009

No, you don't. 620 seems to be the minimum these days for an FHA loan. FHA also requires a low downpayment of just 3.5% of the purchase price of the loan and it even allows the seller to help you with up to 6% of your pre-paids and closing costs!

For more questions, please don't hesitate to contact me!

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091


0 votes Thank Flag Link Mon Jul 20, 2009
It sure seems like it, but actually it does not need to be 'perfect'. It does need to be much higher than what was required 2 years ago. If you are going FHA it does not need to be as high as conventional. There are other factors involved especially down pament.
My web site has some helpful information for first time buyers.

0 votes Thank Flag Link Mon Jul 20, 2009

There are plenty of lenders who will offer loans to people who have less than perfect credit scores. In addition, there are other factors such as income and expenses that factor into the approval process.

What sort of down payment do you plan to make, and what sort of property do you wish to purchase and at what price? Those are the sort of questions you will need to answer during the process.

Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Mon Jul 20, 2009
You do not need a perfect score, but you do need a good score. FHA loans are the most lenient, and they will allow 660 middle score (there are 3 credit bureaus with three different scores).

Hope that helps!
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Mon Jul 20, 2009
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