Home Buying in Rogers City>Question Details

Sonya Reo, Home Buyer in Freeland, MI

how good does my credit really have to be?

Asked by Sonya Reo, Freeland, MI Mon Apr 18, 2011

my credit is not so great, in the 600's i think. I am repaying a closed end loan right now though, so it should be going in the right direction. I want to move back into the rogers city area, and am looking for a house in the 200-300 per month range.

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Answers

3
Hi Sonya, Speak to a mortgage person to see how much house you can afford. Once they run your credit you will have a better idea. Also they will be able to tell you about the different types of mortgages you would qulify for. You should ask about a Rural Development loan, they hve low interest rates and 0 down.

Good luck

Pam Bava
1 vote Thank Flag Link Mon Apr 18, 2011
hello,
We have lenders who will check your credit and pre-approve you for a home loan. It can also depend on your down payment. Rogers city definitely has homes that would keep you in that price range.
1 vote Thank Flag Link Mon Apr 18, 2011
Sonya:

Good Evening!!! Depending on what type of loan you are applying for will determine the credit score required. Most conventional loans require 620-640 credit score. FHA loans aren't credit score driven but take in your credit history. The best advice would be to contact a mortgage lender and have them check your credit and advise on the possible ways you can go to get a mortgage.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
1 vote Thank Flag Link Mon Apr 18, 2011
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