Katrina Wigg…, Other/Just Looking in Wayne County, MI

What is the credit score required to purchase a home. i want to buy in January. i have bills to clear up can you get me on the right path?

Asked by Katrina Wiggles, Wayne County, MI Mon Sep 12, 2011

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Dan Tabit, Agent, Issaquah, WA
Mon Sep 12, 2011
Katrina,
I didn't address your score question. There are FHA lenders able to go into the 500's if the rest of the file makes sense. Your down payment may be higher with lower scores. FHA in the 600's can be as low as 3.5%, but the lower scores may require 10%.
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Rachel Damma…, , Westminster, CO
Mon Sep 12, 2011
For an FHA loan, you need to have a score of 640. The easiest way to improve your score is to pay down your credit cards. Don't pay one off and leave a large balance on another. It is best to get all your credit cards under 50% or even better 25%.
Good Luck!
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Dan Tabit, Agent, Issaquah, WA
Mon Sep 12, 2011
Katrina,
Good for you to be thinking ahead. Your score is just one consideration, having a good pay history in the past 1-2 years, your income, debt load, job time, down payment are a few others. While January seems like a long time off, I'd really encourage you to meet with a local mortgage lender now and let them know about your intentions.
By applying early and obtaining a valid copy of your credit report you can see if there are issues you can address there to improve your chances of success. As a lender, I have assisted several people work through credit issues and help put them on the right path to purchase.
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