i was curious the credit score one would need to get approved for a home

Asked by Monica Green, Houston, TX Tue Jun 19, 2012

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This question is about this property: http://www.trulia.com/property/1033292933-823-Grand-Plains-D…

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8
LaWanda Lend…, Agent, Houston, TX
Tue Jun 19, 2012
@ Andrea Arnold, what company is it?
0 votes
LaWanda Lend…, Agent, Houston, TX
Tue Jun 19, 2012
580-620
VA has no minimum score, were you in the military?
0 votes
Tina Randolph, Agent, KATY, TX
Tue Jun 19, 2012
Typically, 620 for FHA and 660 with 5% down for conventional loans.
0 votes
Ward Arnold, Agent, League City, TX
Tue Jun 19, 2012
You can get approved for a house with a 580 credit score with conditions. We have a credit restoration company that can get credit scores up quick sometimes depending on what is on there. Or normally its about 640 to buy a home without the conditions.

Andrea Arnold
Ward Arnold Properties
281-827-1441
0 votes
Al Geffon, Agent, Houston, TX
Tue Jun 19, 2012
Monica ...

The 620 FICO score applies to FHA-insured financing. 3.5% is the minimum down payment. Overall, you'd probably need somewhere between 6% and 8% of the selling price to complete the deal. To qualify for conventional financing, your score would need to be at least in the mid-700's, with a 5% down payment. A little more cash would be required to purchase the home.

The property in question appears to be a foreclosure. Most are best suited for investors, since they're sold "as-is, where-is, with all defects." There is no Seller's Disclosure, no repairs will be done by the lender, and generally no allowances will be made for condition ... it's yours as it stands. For an owner-occupant, it's rarely a good choice.

You would need to meet the criteria established by the lender/owner, although you wouldn't have to use that institution. The listing does not indicate that the FHA route would be viable in this case ... it shows cash or conventional financing (with proof of funds) as the only two options.

As you can see, real estate transactions are not the cut-and-dried processes they appear to be, especially to first-time buyers. In addition, considering the fact that there is no cost to you as a buyer, the services of an experienced, professional Realtor can only work in your favor.

I'd love to further discuss your situation with you. Please feel free to contact me at (713) 213-6350 or ... al@algeffon.com. I look forward to hearing from you.

Regards ...

Al Geffon
Web Reference:  http://www.har.com/algeffon
0 votes
Christy Hemp…, , Houston, TX
Tue Jun 19, 2012
Monica,

Most banks are wanting a mid fico score or 620. now there are some banks that offer loans for below this score, but becareful. These types of banks have very strict guidelines and you have to fit in there little box or its a no go. Give me a call and we can go over things and see where you at.
0 votes
Stephen Krue…, Agent, Katy, TX
Tue Jun 19, 2012
If you have a 620 or better, securing a mortgage is much easier than if it is less than that.

Find a reputible mortgage broker or banker and discuss your financial situation with them. I find that there is usually a program to fit everyone needs. The rate might be higher, but in some cases it is worth it.

STEVE K
0 votes
Jay Abeya, Mortgage Broker Or Lender, Houston, TX
Tue Jun 19, 2012
Hello Monica,

With us you will need to have a mid fico score of 620. Please feel free to contact me with any questions that you may have. Hope yo uhave a great day!!
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