Financing in 19154>Question Details

Samantha Wat…, Home Buyer in Rossville, GA

What does my credit need to be to buy a home? I am located in Rossville GA, just in case my area has any affect on it.

Asked by Samantha Watson, Rossville, GA Mon Nov 19, 2012

Ok my husband and I have 4 children and really want to buy a house. Our credit is nowhere near perfect but I am willing to work on that , just not sure what kind of credit score we need to work toward or what needs to be off of our credit or anything. I need help to figure out the path we need to take to become homeowners.

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There are lenders that can pull a mortgage credit report and do an FHA loan with a 580 score.. I recommend The Lenders Network they will be able to refer you to a lender willing to work with lower credit scores.

Good Luck.
0 votes Thank Flag Link Thu Sep 12, 2013
Your credit score generally needs to be 620 or better. However, there are certain lenders who will work with a lower score if you have compensating factors (i.e. high salary, low/no debt, etc.) There is a lender that I have referred clients to who can work with a 575 or better; as long as the compensating factors are strong enough. I would just recommend that you contact several lenders to see what their credit requirements are. I also suggest that you find out what your credit score is. You can get your score and report form Equifax for (I think) $15. If you find that you are unable to qualify for a mortgage there are many companies who can help you repair your credit. If you have any questions don't hesitate to contact me.
0 votes Thank Flag Link Fri Mar 29, 2013
Generally you would need a 620 credit score or better. There are other factors that come into play that a mortgage person would best be able to explain. As far as collection accounts, they all should be paid or put on a payment plan and paid on time for at least six months. There are some cases where certain types of debts would not have to paid, but again, a mortgage professional would determine that when they look at your credit. My advice would be to contact a mortgage person, let them run your credit, and they will tell you exactly what you need to do to qualify for a loan. Since all cases are different, you would need specific information regarding your credit and your accounts. I hope that this helps.
0 votes Thank Flag Link Tue Nov 20, 2012
Typically of needs to be about 620 call a local lender in your area and try to get preapproved
0 votes Thank Flag Link Tue Nov 20, 2012
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