Sharon, Other/Just Looking in 77482

how much should my credit score be,for me to get a loan?

Asked by Sharon, 77482 Mon Mar 29, 2010

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Cathy Bureau, Agent, San Antonio, TX
Mon Mar 29, 2010
Sharon-

It depends on the type of home, the type of loan, how much you can put down, and the interest rate that you need or want. Credit score is not the only factor. The lenders will also want 2 years of steady employment, income is increasing, not decreasing, no late payments within 30 days, and if there has been a bankruptcy then not within 2 years. Your mortgage payment cannot exceed 30% of your gross income. 3.5% down. 620 credit score.

You need a 600 for a conventional loan but will require more than 10% down and will pay a higher rate. With a 720 or better you can qualify for 4.45% on a conventional loan, with 10% down.

Call James Del Bosque for mortgage qualifying. http://www.JamesDelBosque.com (210) 725-1849

Call me and I can give you a full presentation about my services.

GREEN Home Realty is a certified Woman & Hispanic business enterprise with an emphasis on green home ownership. I started the company after obtaining my broker’s license and the Green designation from the National Association of Realtors. Recently I completed my certification requirements with NAR so I just added the SFR designation. I am also working on becoming an “Eco Broker.” All of these topics are very relevant today so let me be a resource for you. I operate the commercial leasing and sales division under the name GREEN Investment Company.

Cathy Bureau, MBA, REALTOR, Green, SFR
Broker-Owner
GREEN Home Realty
(210) 378-2489
Cbureau@greenhomerealtyco.com
1 vote
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Mar 29, 2010
Hi Sharon
While there are a handful of lenders that say they can go below 620, the rates are high and very strict guidelines.

http://www.dallasloanguy.com/docs/about_credit.pdf

If you think your credit score is a little low, read this ebook and let me know if you have any questions.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
214-763-4629
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 29, 2010
Currently FHA loans require a minimum score of 620 and 3.5% down; there may be lenders who will work with a lesser score, however the interest rate may be higher. Visit with any qualified loan officer(s) and see exactly what options you may have--your loan officer may offer tips on how to best improve your credit in the fastest time if needed.
1 vote
SIGRID J. CO…, Agent, Bay City, TX
Wed Feb 22, 2012
SI QUIERES COMPRAR UNA CASA EL NUMERO DE TU PUNTUACION DE CREDITO DE EN MEDIO TIENE QUE SER 640, PERO SI TU PUNTUACION ESTA MAS VAJA HAY OTROS PRESTAMISTAS QUE QUISAS TE PUEDAD AYUDAR PERO VA A REQUIRIR MAS ESFUERSO DE TU PARTE, PUES ES MUCHO PAPELEO, SI LA RAZON POR LA QUE LA PUNTUACION ES MUY BAJA ES POR MAL CREDITO DE EL PASADO PERO SI ES ALGO RECIENTE (ULTIMOS 12 MESES) TALVES NO HAY MUCHO QUE SE PUEDA HACER.

IF YOU WOULD LIKE TO PURCHASE A HOME IN ORDER TO GET A LOAN YOUR MIDDLE SCORE HAS TO BE 640, BUT IF IS NOT THERE THERE ARE OTHER LOAN OFFICERS THAT CAN HELP, IT WOULD DEPEND ON THE REASON AS TO WHY THE CREDIT SCORE IS LOW, IF IT IS BECAUSE OF BAD CREDIT IN THE PAST AND IT IS OLDER THAN 24 MONTHS IT WILL NOT NOT BE AS BAD BUT IF IT WAS WITH IN THE LAST 24 MONTHS THERE MAY NOT BE MUCH THAT CAN BE DONE.
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