Home Buying in Hyde Park>Question Details

Blaze, Home Buyer in Hyde Park, Chicago, IL

Is a credit score of 700 high enough to purchase a home in this market? Blaze

Asked by Blaze, Hyde Park, Chicago, IL Wed Jul 28, 2010

Help the community by answering this question:


As a veteran, you should definitely explore VA. I am a fellow veteran and can honestly say it is one best programs out there. In fact, my first loan while I was still a butter bar LT at Fort Carton was a VA loan. With a 700, you will be fine. Allows for lower down payment with no MI, so you can hold on to a good bit of that cash for reserves, renovation, etc. Additionally, you can exceed the $417,000 loan limit for Fannie Mae loans and still get extremely competitive rates. If you are 10% or greater disabled status the deal is even better.
Web Reference: http://www.bankerdoug.com
1 vote Thank Flag Link Fri Aug 6, 2010
Absolutely, however, credit score is not the only factor in qualifying for a mortgage. I would suggest you contact a reputable lender and have them take a closer look at your financial situation.
1 vote Thank Flag Link Sun Sep 19, 2010
Yes it is. And As a veteran you qualify for down payment assistance of $10,000 with rates at 3% for a 30 year fixed.


Louis Jeffries
NMLS# 911510
0 votes Thank Flag Link Sat Feb 2, 2013
if you have the income and no adverse recent activity on your credit, absolutely.
0 votes Thank Flag Link Fri Feb 1, 2013
Yes! If you are buying a home within your means and have little or no other expenses.
0 votes Thank Flag Link Sun Sep 19, 2010
it should be. FHA loans are generally easier to get because they allow for a lesser credit score. Call your bank's mortgage lending department or a mortgage broker for more accurate info for your area
0 votes Thank Flag Link Wed Sep 15, 2010

Yes, your score is plenty high enough to qualify for a mortgage.But there is more to it than just credit score.

I suggest you call an experienced lender and discuss your circumstances in private rather than disclose personal information here.

If you have not done so, or would like another opinion regarding loan programs or rate quotes give me a call.

Michael Wallace
Mortgage Banker
First Centennial Mortgage
(630) 299-6726
0 votes Thank Flag Link Wed Sep 15, 2010
I have sold homes to buyers with scores less than 700. You should sit down with a lender and get pre qualified. There are great resources on http://www.hud.gov where you can get information about home buying and credit scores etc.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Fri Aug 6, 2010
That is net income 5k per month
0 votes Thank Flag Link Thu Aug 5, 2010
I have a net income over 5K, am a career soldier in the military and about $60,000 in savings in addition to a credit score of 700. I just that after bubble burst, a lot of banks were no longer willing to lend to people and while I was not in the market then, I am looking to purchase now.
0 votes Thank Flag Link Thu Aug 5, 2010
Your credit score, income and assets are graet to qualify for a property within your means. In addition there is a special program We offer for veterans to give you $10,000 in down payment assistance plus a 30 year fixed rate of 3%. Better than any 30 year rate today.


Louis Jeffries
NMLS# 911510
Flag Sat Feb 2, 2013
It is important to talk directly to a lender for answers to your questions. Many of my clients have worked with Wintrust Mortgage - great service. You can contact Tony Angelotti or Deb Roth at 708-326-3100. Once you talk to a lender about your specific situation they can provide a mortgage pre-approval letter. Many seller's want the people viewing their homes to be preapproved (serious buyers only).
Once you are preapproved, the next step is to find a buyer's agent to work with you. Please keep me in mind - I am famliar with Hyde Park and neighboring areas.
Happy House Hunting!
0 votes Thank Flag Link Tue Aug 3, 2010
You have a decent credit score. I would suggest you go to a loan agent and see where you stand with getting approved. Then you will have all the details and know where you stand with buying. If I can be of any assistance, please contact me. Thank you.
0 votes Thank Flag Link Mon Aug 2, 2010
It is if you have enough income to support the mortgage you are looking for.
0 votes Thank Flag Link Thu Jul 29, 2010
Yes, it is (620 is min for a lot of them). However, you really need to talk to a lender. Get pre-approved and run the numbers, they can give you detailed information. Good luck.
0 votes Thank Flag Link Thu Jul 29, 2010
Hello Blaze,

Each loan program has its own credit score requirements. FHA for example allows lower scores. Jumbo programs can sometimes require 740 or higher. So, it depends not only on your score but all of the other variables. Linda's answer below is spot on. You need to talk to a lender to have them fully vet the deal you are considering. I actually will not even discuss the merits of the deal without first fully understanding income, employment, assets and property type as well as credit. While sometimes viewed as a bit Draconian in nature, this approach ensures that buyers have the proper expections and that their real estate agents know exactly what to look for when the begin the property search. In this crazy market, it is especially important to go through this step.
0 votes Thank Flag Link Thu Jul 29, 2010

It sounds like you have an excellent credit score and high credit score is more important now more than ever! In order to get a home loan or any line of credit at the best terms the higher your credit score the better. As others have said you should speak with a lender to see what you can reasonably borrow based on your income.

Once you have an idea of what size loan you qualify for then you need to find a Realtor. Find a Realtor that you feel comfortable working with, knows the areas that you want to look, is qualified & experienced and is willing to help guide you through the whole process of helping you buy your next home.

If your credit score is less than it could be then it is a good idea to do everything possible to raise it. Make payments on time, use as little of your credit as possible and pay down your outstanding balances. Also check your credit report to make sure that it is error free - if there are errors (very likely!) then have them removed.

Contact me if I can be of any further assistance. Good luck on your home search!

Frank J. Schneider
0 votes Thank Flag Link Wed Jul 28, 2010
Definitely check with a lender but typically you can qualify for a FHA loan with a 620 FICO score, so at 700 you are doing well. Lenders can also give you advice on how to raise your score if necessary.
0 votes Thank Flag Link Wed Jul 28, 2010
Not knowing your overall financials-- your score is fine for a loan--however, do visit with any qualified loan officer(s) first--see if you do qualify, how much and have your credit score checked again--their scoring is often different--then make your determination--your loan officer can best advise as it relates to you personally.
0 votes Thank Flag Link Wed Jul 28, 2010
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