What does your credit score have to be to get a house that cost 35000?

Asked by Lakiesha1186, Fort Worth, TX Wed Mar 2, 2011

I am interested in getting my first house but I have never purchased a home before. I dont have perfect credit but I feel like now is the best time to buy. What should my credit score be to try and get a 35k home. Whats a good down payment for something like that?

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Frank Zhu, , Austin, TX
Thu Mar 3, 2011
Since you are a first time home buyer, you could definitely qualify for a FHA loan if you have at least 620 mid credit score. The minimum down payment would be 3.5%.

One thing about FHA loan is that you can't get qualified if you are wanting to purchase a foreclosed property.

Let us know if you can help you with your new home purchase.

Frank Zhu
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T.E. & Naima…, Agent, Dallas, TX
Wed Mar 2, 2011
For FHA loans lenders are looking for at least 620, although some will say 640.
Conventional lenders are looking for 680.
I know a lender who asks for only 580, but the credit history is examined for problems.

FHA requires 3-1/2% down payment plus closing costs.
Conventional varies but 5 or 10% down are possible amounts.

Unfortunately, that price level is not one lenders like. Anytime the loan is under $50k, they tend to shy away from doing the business. The reason is that lending $100k is just as work-intensive as $30k, but the earnings are 3x as much. It's the same paperwork, same effort to process and the fixed costs of doing all that are pretty much the same - it's just the lender makes a lot less money.

Regulators don't understand the problem and are currently discussing making a limit on how much lenders can charge, which will dry up the small house lending segment completely. This is especially true if they implement the 1% rule they're talking about. Nobody is going to spend hours on a file to make $350.
Web Reference:  http://www.SumnerRealty.com
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Marge Bennett, Agent, Fort Myers, FL
Wed Mar 2, 2011
different lenders have different minimun credit scores. they also have minimum amounts they will loan. Talk to some in your area to get an idea what you can do. Be careful about applying with several, since having your credit pulled multiple times can actually lower your score.
Hope it works well for you.
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Don Groff, Agent, Austin, TX
Wed Mar 2, 2011
Hi Lakiesha,

It is important for you to get with a local mortgage broker or lender. Have them look over your credit profile and see if you are financially ready. Sure interest rates are near all time lows and housing prices are also down in most areas but the most important factor is you.

Find a lender who will take the time to educate you and ensure you are moving in the right direction. That may be now or it may be a year from now but finding the right person to take the time to show you is what is important.

Good luck to you.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
0 votes
Jim Carter, Agent, Keller, TX
Wed Mar 2, 2011

You are best advised to work with a mortgage broker for this loan. They will have a wider choice of loans and lenders to finance a purchase in this price range. Due to each situation and person's credit being different it is difficult to give you any estimate for needed credit score or down payment amount. Call Dave Beach with Director's Mortgage at 817-520-2026 and he can help you get those answers. He has a very wide range of lenders and options to work with.

Best of Luck,

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Onyx Benavid…, Both Buyer And Seller, Laredo, TX
Wed Mar 2, 2011
Mortgage companies have a minimum on amounts they will finance due to closing cost caps, you would be better served to go to your bank.
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Bert Winters, , Fort Worth, TX
Wed Mar 2, 2011
The best place to start is with a Mortgage Lender and obtain Loan Pre-Approval.
With a FHA loan you would be looking at a 3% downpayment.
If you would like I can recommend several Mortgage Lenders.

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Lucy Puniwai, Agent, Haslet, TX
Wed Mar 2, 2011
Finances are a very personal area. Realtors work with Lenders who will are knowledgeable in this industry because the rules are changing DAILY!!!!

The professional for you is:
Lisa-Marie Thompson

She will personalize her service to discuss your finances based on your availability.
Give you her a call! She is ready to help!

Lucy A. Puniwai
(214)783-6416 - Cell
(682-224-8050 - Fax

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