Home Buying in Appleton>Question Details

Pahoua, Other/Just Looking in Appleton, WI

Would I qualify for loans? Should I buy now?

Asked by Pahoua, Appleton, WI Wed Aug 26, 2009

I am still debating if I should go ahead and buy a home now. I have a credit score of 720 and my husband's is 740 but we have no down payment. We have always paid our bills on time.

So, is a score of 720/740 good enough to buy a home now? Does it need to be better? And what about a down payment?

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If you would like info on the programs Fred mentioned and all the other current Fed loan programs available you may check this out you can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.

Good luck, Dunes
1 vote Thank Flag Link Wed Aug 26, 2009
Some 100% No Money Down Loans that you may qualify for:

USDA Rural Loan

VA Guaranteed Loan

Seller Financing

Best wishes,
1 vote Thank Flag Link Wed Aug 26, 2009
The last I have heard was USDA may still be giving loans up 100%. Give me a call at 920-993-4032 and I can set you up with a few people to call.
0 votes Thank Flag Link Sat Aug 29, 2009

The Credit Score should be okay. The unofficial "cut-off" for many loans is 620. Last week I talked with a representative from USDA Rural who said they had gotten people approved at 581.

Borrowers may pay higher interest rates and higher fees as the score goes down.

Also, remember that the Scores you receive may not be the same as what the Mortgage Lender sees. Different Scoring Models from FICO, etc.

Here are some good Links about Credit, including the Free Annual Credit Report Link:





Best wishes,
0 votes Thank Flag Link Wed Aug 26, 2009
Best of luck Need2know.... Become as informed as you can and most importantly enjoy your new home.

Fred is always helpful, I just got lucky......

0 votes Thank Flag Link Wed Aug 26, 2009
Thank you. These two answers help a lot!
0 votes Thank Flag Link Wed Aug 26, 2009
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