Home Buying in Salem>Question Details

Ian Jones, Home Buyer in Salem, VA

I'm buying a house early next year and I'm wondering if at 660 my credit is high enough to get a mortgage? And how much permium will I need

Asked by Ian Jones, Salem, VA Mon Oct 5, 2009

to have? I've read that mortgages can be obtained with various credit scores, but the lower the score the higher the APR and the worse the terms are.
My credit scores are between 656 and 660, I have fairly few negatives, but have high balances on my credit cards. How will this affect my mortgage?

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Answers

3
Yes, Ian you can finance with as low as a 640 credit score. You need to pay your balances down according to a lender I know to 30% of the allowed charge. The more you owe the less you will qualify for in a home mortgage!
0 votes Thank Flag Link Tue Apr 30, 2013
Yes you can get still get a loan my banks can finance as low as a 580, and at a 660 you will definetly qualify for FHA, I don't know if your 1st time home buyer or if you purchased prior to the last 3 years but you can still take advantage of the 1st time home buyer tax credit up to Nov 30, 2009.
0 votes Thank Flag Link Mon Oct 5, 2009
Hi Ian. A mortgage professional will need to review your credit report. Yes, the better your credit score, the better your terms. It is not uncommon to get a mortgage with a credit score in the 660 range.

Robert Greenblatt
Keller WIliams
0 votes Thank Flag Link Mon Oct 5, 2009
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