Can i buy a house if my Credit score is 700? If so, how much would be the interest.

Asked by Rocky, Eastlake Greens, Chula Vista, CA Tue Apr 26, 2011

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20
Randall Yates, Other Pro, Dallas, TX
Sun Sep 15, 2013
Easily and you are looking at a rate in the 4.5% range depending on when you lock in your rate. A 15 yr loan may be an option which could give you a rate at 4% give or take depending on the lender. I can recommend some lenders in San Diego that offer great loan products.
3 votes
Gloria Talam…, Agent, Chula Vista, CA
Wed Sep 14, 2011
Rocky, You can most certainly buy a house with a 700 credit score. The interest rate will vary depending on the finance program you choose. Interest rates can be as low as 3.875% for 30 Year Fixed. Other factors such as your income, debt, down payment amount, and job stability are also a factor when finacing your home purchase. Down payment assistance as well as Govenment grants are available for first-time buyers with very little money down 1/2% - 1% down.

Call me at 619.929.0280 I can sit with you and guide you through the buying process. I work with a great lender that can go over all of the finance options and answer all of the questions you may have.

Gloria Talamantes
Legacy Realty - DRE#:01505068
Direct: (619) 929-0380
E-Fax: (866) 894-5303
Email: Talamantes.gloria@gmail.com
Hablo Español
1750 East Palomar Street, #4
Chula Vista, Ca 91913
1 vote
Ruben Barba, , Chula Vista, CA
Wed Apr 27, 2011
Hi Rocky,

There's a few different factors that will determine the interest rate. Credit score is just one. I have a great senior loan officer at Bank of America I could have her call you if you'd like. Let me know.
Web Reference:  http://www.thebarbagroup.com
1 vote
, ,
Wed Apr 27, 2011
The quickest and most painless way to find out what qualify for is to contact a lender. We have some awesome programs right now for first-time buyers that can put you into your home with as little as 1/2% down. These buyer Grant Programs are relatively easy to qualify for especially for someone with your credit scores. Please don't be afraid to inquire, it's not a scary as some may think.

Best of Luck!
Web Reference:  http://www.AFN-Loans.com
1 vote
Qnvr, Home Buyer, Fort Lauderdale, FL
Thu May 4, 2017
Great article!...My wife and I are looking to buy our first home. I own a small business that just took off this year and my wife has a steadily increasing income. We both wanted to get a home so desperately but got denied twice because of our poor credit score and bad credit history. My uncle who is a loan officer introduced me to this great hacker, he fixed our score to 807 in just 48 hours and up till date we are up in the 800 credit score family. I just have to do this to show how grateful we are for his skills and fantastic services, You can get to him via his email as well if you need to at: (computerworm.hacker(at)hotmail.com), He is an expertise when dealing with credit score repair and upgrade,removal of late payments, bankruptcy/criminal records/eviction,phone hacks etc
0 votes
Qnvr, Home Buyer, Fort Lauderdale, FL
Thu May 4, 2017
Great article!...My wife and I are looking to buy our first home. I own a small business that just took off this year and my wife has a steadily increasing income. We both wanted to get a home so desperately but got denied twice because of our poor credit score and bad credit history. My uncle who is a loan officer introduced me to this great hacker, he fixed our score to 807 in just 48 hours and up till date we are up in the 800 credit score family. I just have to do this to show how grateful we are for his skills and fantastic services, You can get to him via his email as well if you need to at: (computerworm.hacker(at)hotmail.com), He is an expertise when dealing with credit score repair and upgrade,removal of late payments, bankruptcy/criminal records/eviction,phone hacks etc
0 votes
Julian Rios, Agent, Beverly Hills, CA
Fri Sep 27, 2013
You should have no problem getting a home mortgage loan with a 700. Make sure to shop around for the best loan. Good Job
0 votes
Danielle De…, Agent, Chula Vista, CA
Fri Sep 27, 2013
Yes you can. Get pre approved asap rates are always changing and going up for sure. If you are interested in looking at any homes let me know I am local in 91913. If you need a lender I can refer one as well
0 votes
Dawn Lewis, Agent, San Diego, CA
Mon Jun 6, 2011
Rocky, sounds like you have a great credit score. 700 is very good. You would have to contact a lender to see what the interest rat would be. If you would like you can email me and I will refer you a lender and help you with your loan. Would you like me to help you find your home? Dawn Lewis 619-981-3917
0 votes
Andrea Porto…, Agent, Chula Vista, CA
Fri Apr 29, 2011
Hello! 700 fico would be a strong enough credit score to qualify for a home loan. We also look at several other items to qualify a person for a home loan, including but not limited to income and asset information. Interest rates change daily and can be affected by the different variables particular to your transaction but if it is a “cookie cutter” transaction you can expect a rate today at 4.875% on a 30 year fixed.
0 votes
James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Thu Apr 28, 2011
Hi Rocky...
a 700 score used to be a SUPER credit score, now, it is treated as above average by most lenders. The "NEW" super score is 740 with most conventional lenders (Fannie and Freddie). That being said, FHA lenders consider 700 Scores to be excellent (still not super), and you usually will qualify for a bit lower rate with FHA lenders.

But, as some other answers have already said, Credit Scores are just one factor of about 4-6 factors the lender looks over before giving you a loan. Income, existing debt, length of time in your job, the type of home you are buying and its appraised values are among the others.

We have also a first time home buyer program that matches your downpayment 4:1 up to 7500 dollars. It is a great program, and the buyer must have 1000 of their own money. The program is funded through the Federal Home Loan Bank of Atlanta, and is legal in all 50 states. There are other qualifying conditions, but as I said, it is a great program!
Best wishes in your search, Jim, HSOA 703 615 4675.
0 votes
Ricardo, , Chula Vista, CA
Wed Apr 27, 2011
Hi Rocky,
It all depends on how much of a house you want to buy and the prevailing rate at the time you close escrow. I'll recommend that you get pre-approved for what you need and then go house hunting. Good luck!
0 votes
Paul Montano, Agent, Chula Vista, CA
Tue Apr 26, 2011
Hello Rocky,

I hope this message finds you well; a 700 fico is a great deal! You should be able to get top notch interest rates and great pricing. Now your next step to take is to get pre-approve through a mortgage banker and compare that approval with your desire purchase price. You will be amazed of how affordable home purchasing has become now days.

I have a great deal coming up this Friday in Eastlake; if you are interested please don't hesitate to contact me.

Best Regards,
Web Reference:  http://www.montanorealty.net
0 votes
Maria Esparza, , Chula Vista, CA
Tue Apr 26, 2011
Hi Rocky,
A score of 700 can certainly get you in the door! However, there are several items that need to fall into place.
Income, debt to income ratio., what loan program you qualify, cash for down payment ,closing costs and more. My suggestion is to contact your favorite bank and see what program you qualify for. Sometimes you can have some of these fees covered. As a Realtor, I can also suggest a Lender in the area. Please contact me.
Thank You,
Maria Esparza
0 votes
Cory La Scala, Agent, San Diego, CA
Tue Apr 26, 2011
Hi Rocky,

Your credit is good, there's no reason you couldn't buy a house. Lenders look at other criteria too such as income & expenses, available credit, etc. The basic loans are conventional with a 20% down payment, FHA with 3.5%, VA with 0%. Your interest will vary, the numbers you see today will likely be different tomorrow, or even later today, as rates change all the time. Don't shop lenders based on interest rate, they'll all be competitive when it comes down to locking your rate in. Instead, compare their fees. Also, not all lenders are alike, some of the larger ones are more difficult to work with than a smaller lender who have the flexibility to inject some common sense in certain situations. There are also loans on bank owned properties based on who owns them if the property and buyer qualifies. Your best bet is to talk to a few lenders to see what type of loan you'd qualify for. I can help you figure out your likely loan type and help you with lender fees.

Let me know if I can answer any other questions, or if you'd like me to send you some direct lenders to talk to. Often, banks ask buyers to be approved with a direct lender, as opposed to a broker, who could be anyone.

Best Regards,
Cory
0 votes
RAQUEL CORON…, , Miami, FL
Tue Apr 26, 2011
Good Morning Rocky!
it is great news that you have a 700 credit score. Now, you need to take your income papers (proof of income for las two months, last 2 years tax returns, last 2 months bank statements) to your bank or financing company so they can prequalify you and give you written notice of how much you qualify for. Based on that, THEN you can start looking for the house of your dreams. Buyers getting pre-qualified before starting to look at homes to buy save a lot of time and gasoline, I wish most of buyers would do that. So start getting your paperwork together so you can find out the price of the house that you can buy and start looking for one. NAd by the way, congratulations for your score!
Have a great day!

Raquel Coronel P.A. - Realtor - Keller Williams Realty Premier Properties.
(305) 989-5894 - info@raquelcoronel.com - http://www.raquelcoronel.com
0 votes
Ruben Barba, , Chula Vista, CA
Tue Apr 26, 2011
Hi Rocky,

A credit score is not the only factor that will determine if you can get a house.. its like cooking, different ingredients all coming together to complete a great meal. To get a house, DTI, income, and credit will all determine how much house you can afford. So just because you have an
Web Reference:  http://thebarbagroup.com
0 votes
Itsme, , Connecticut
Tue Apr 26, 2011
Hi Rocky,

I'm a buyer like you. Our credit scores hover around 800, but our mortgage guy said our rate would be 4.625% - 0 points - 30 years fixed, and that rate is for anyone with a score over 680 at Countrywide.
Kinda irritates me that someone with scores 120 points below us gets the same consideration but oh well. Now you know - there's no rate penalty for having a 700 score in the mortgage world.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Tue Apr 26, 2011
Rocky;
You're good to go! Consult with a local lender(s) to get quotes on interest rates.
Web Reference:  http://www.321property.com
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Apr 26, 2011
Hi, A 700 credit score is definitely god enough to buy a home. the other main questions will be what your income is, your debt to income ratios, assets, etc. Your best bet is to make a phone call to a reputable mortgage lender and have them answer all of your questions. There is no fee for the research and you will get the answers straight from the horses mouth. there are many programs available today so they will tell you what your options are.

Chris
Web Reference:  http://raveis.com/chrispagli
0 votes
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