My husband and i are looking to buy a home within the next 3 yrs. what is the average credit score we should have? we live in the syracuse,ny area

Asked by Pwalker827, Syracuse, NY Tue Sep 13, 2011

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Rachel Damma…, , Westminster, CO
Tue Sep 13, 2011
Loan requirements change all the time. Right now, to get an FHA loan, you need a 640 credit score. 680 is better if you can make that happen.
Good Luck!
1 vote
Janice Egan, Agent, Fayettville, NY
Tue Jun 3, 2014
Are you looking to buy a home in the surrounding syracuse area? Let me know how I can help.

Janice egan
Keller williams realty
http://Www.topsyracusehomes.com
315 391 5082
Web Reference:  http://www.janiceegan.com
0 votes
Janice Egan, Agent, Fayettville, NY
Tue Jun 3, 2014
Hi
This is janice egan
2012...you said you may be in the market to buy a home. Let me know if you are ready. I can help you with the process.

Janice egan
Keller williams real estate
315 391 5082
Web Reference:  http://www.janiceegan@kw.com
0 votes
Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Thu Mar 15, 2012
It depends on how much (in terms of a percentage) you are looking to invest in your home as a down payment.

In today's market, if you have a 700 score or higher, a conventional loan may be the best way to go for you. If your scores are lower, you may want to compare an FHA loan against the conventional loan.

And as a side note, to clarify some of the comments below, I work for a mortgage bank that will approve buyers for an FHA loan who have down to a 580 credit score AND still allow the minimum of 3.5% down payment of their purchase price. Some banks who will approve a client with a 580 credit score also require a 10% down payment.

Please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
0 votes
James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Thu Mar 15, 2012
I agree with Shane, FHA does NOT have score requirements, the lenders and/or banks add the credit score overlay because delinquent loans sold to the FHA risk their ability to continue lending on FHA.

Many lenders are at the 640 mark, and if your scores are over 740, the world is your oyster. Although there are lenders that go below 640, typically they charge higher rates and fees to reflect the additional risk.

With lending requirements changing seemingly on a daily basis, Real Estate agents that answer lending questions incorrectly may lose a potential client. If you are not absolutely POSITIVE about an answer, look it up before you type it, or consider moving to the next question!
0 votes
Jennifer Fow…, Agent, Fayetteville, NY
Thu Mar 15, 2012
Your credit score is important, but it's only one factor that is considered when a buyer makes an application for a mortgage. You are doing the right thing buy planning now your a future purchase.
A good mortgage brokers will be happy to sit a talk with you about your situation and give you advice without any cost or obligation. If you need a recommendation please contact me. Jennifer Fowler, John Arquette Properties 315-729-9430
0 votes
Janice Egan, Agent, De Witt, NY
Fri Jan 27, 2012
640 is the average credit score for fha loan-banks are different. 680 and above would be great for you interest rates will vary. I know alot of bankers in the Syracuse Area that I use. Please give me a call if you need one that I recommend. Janice Egan, Coldwell Banker prime Properties, Fayetteville, New York 13066, 315-391-5082
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Tue Sep 13, 2011
Rachel is correct, 640 is what most lenders are using for an FHA loan, although there are a lot of lenders going to a 620 score for both FHA & conventional financing - a few even down to a 600, 580 or 500 for FHA financing. Ideally you'll want to aim for a 740 score, and with 3 years that should give you plenty of time to get there or close to it (depending on where you are at now).
0 votes
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