It depends on the type of home, the type of loan, how much you can put down, and the interest rate that you need or want. Credit score is not the only factor. The lenders will also want 2 years of steady employment, income is increasing, not decreasing, no late payments within 30 days, and if there has been a bankruptcy then not within 2 years. Your mortgage payment cannot exceed 30% of your gross income. 3.5% down. 620 credit score.
You need a 600 for a conventional loan but will require more than 10% down and will pay a higher rate. With a 720 or better you can qualify for 4.45% on a conventional loan, with 10% down.
Call James Del Bosque for mortgage qualifying. http://www.JamesDelBosque.com (210) 725-1849
Call me and I can give you a full presentation about my services.
GREEN Home Realty is a certified Woman & Hispanic business enterprise with an emphasis on green home ownership. I started the company after obtaining my brokerâ€™s license and the Green designation from the National Association of Realtors. Recently I completed my certification requirements with NAR so I just added the SFR designation. I am also working on becoming an â€œEco Broker.â€ All of these topics are very relevant today so let me be a resource for you. I operate the commercial leasing and sales division under the name GREEN Investment Company.
Cathy Bureau, MBA, REALTOR, Green, SFR
GREEN Home Realty
While there are a handful of lenders that say they can go below 620, the rates are high and very strict guidelines.
If you think your credit score is a little low, read this ebook and let me know if you have any questions.
IF YOU WOULD LIKE TO PURCHASE A HOME IN ORDER TO GET A LOAN YOUR MIDDLE SCORE HAS TO BE 640, BUT IF IS NOT THERE THERE ARE OTHER LOAN OFFICERS THAT CAN HELP, IT WOULD DEPEND ON THE REASON AS TO WHY THE CREDIT SCORE IS LOW, IF IT IS BECAUSE OF BAD CREDIT IN THE PAST AND IT IS OLDER THAN 24 MONTHS IT WILL NOT NOT BE AS BAD BUT IF IT WAS WITH IN THE LAST 24 MONTHS THERE MAY NOT BE MUCH THAT CAN BE DONE.