The best way to answer your question would be to contact any mortgage broker, local bank, or credit union to get pre-approved for a loan. They will ask you for some information and let you know how much you can be approved for. You will need this pre-approval in order to purchase a property.
If you need it, I would be happy to recommend a few lenders to you.
Feel free to contact me anytime at (310) 717-1321 or JamieTian@RodeoRE.com.
When we pull a credit report, we get a potential score improvement analyzer and it tells us what to expect in terms of points of improvement per bureau (the "what"). We can then investigate what it would take to realize that change; things such as paying down credit cards, removing an applicant from a tradeline, etc. (this is the "how"). And finally, we can then assess if it's worth the effort (the "why").
If you're looking in CA, I'm happy to help. If not, I'm sure there is someone else who can. By asking here, you're already on the right path.
FHA goes as low as 620 and 680 is more than acceptable.
Pricing will definitely improve for you with icrease to your credit score. This may be accomplished by paying down the outstanding balances on your credit cards. However, you do state, that you have no credit debt so an improvement may not be easily attanined as stated below.
Contact a mortgage professional in your area. Ask them to analyze your credit with you and go line by line to see if there is a way to improve the score.
Percentage of downpayment will help answer your above question with more accuracy.
That will cause a rapid Re-score to be higher typically within 7-10 days as long as all 3 bureaus are informed directly . Great info from Everyone. I hope all of our responses are helping you?
Let us know if you have an opportunity :)
If you have not already received an answer to your question that was helpful, i can let you know that I can do a loan amount up to $625,500 with a 660 fico with 25% down , so 75% Loan to Value.
Contact me with any questions please
Hopefully, my answer helped and we can get more detailed if you care to email me or phone.
I would love to keep in touch and help you and I have made the move myself from the east coast to the west coast!
Joe Van Fossen
Keller Williams Realty
The average fico is 720 and would be considered good credit. 740 excellent.
680 will get you most types of financing available. The only difference may be the cost to you to borrow that money vs someone with a higher FICO.
Feel free to reach out to me if you need specifics for your particular situation.
Nakoma Mortgage and Realty Company
17 years experience