2006-06-12 10:28:38 · 9 answers · asked by askmeguru21 5 in Business & Finance ➔ Credit
600 gets u a home with 10-20% down...anything above that ur less likely to put ANYTHING down. Below 600 it is still possible to get a home, but u have a higher down payment with crappy rates and a high mortage. We lucked out on ours having a score of 558 with down payment being covered by the owner, but would cost us $2000 a month for mortage. We didn't buy but it was worth a shot. Shop around...someone WILL work with u.
2006-06-12 10:52:20 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It depends if you want the best rate for a mortgage, or just want to get a loan period.
Generally 720+ is where superprime begins, and you get the lowest rate.
660-720 is the next tier - you'll get a loan, but it will be at a higher interest rate (possibly a point or more higher).
600-660 is next. Now you're in shaky ground... you'll pay a ~very~ high rate and have lots of restrictions on down payment, debt to income ratios, mortgage insurance, etc... In the eyes of the bank, people with these scores are significant credit risks. But companies will still loan to you here.
Below 600 it will be tough to get a loan from a legitimate bank. You could get one from a broker but the terms and interest rate will be so bad, you'd be better off working to improve your credit and buying a home then.
2006-06-12 13:07:30 · answer #2 · answered by Some Guy 3 · 0⤊ 0⤋
My advise to most people I lend to is the higher the better. They do have programs out their for 1st. time home buyers, with decent rates. However having a credit score of 720 and above gives you better borrowing power. I have been able to get loans for people as low a 580 scores at 100% financed, but the rate didn't look all that good. If your credit has been clean and current for 2 years FHA which is a Government loan is a good way to go with little money down. To answer your question better, 720 and above is considered best credit. I have seen scores as high 840 and the lending doesn't change for the best credit score.
2006-06-12 11:22:33 · answer #3 · answered by L8 2 Day 2 · 0⤊ 0⤋
I believe you should be above 650. Wow I tell you, people can't just can't buy a house now a days with credit scores and fix this and fix that. To bad, kind of makes you wonder what the old days were like. Good luck and I hope you find what your looking for.
2006-06-12 10:34:53 · answer #4 · answered by Barbie doll lover 4 · 1⤊ 0⤋
It depends how much you make, whats the home value, amount of down payments etc.
In general score above 750 is consider excellent and you can get pretty much best deal available. Score above 550 is still a good score but in order to get great deal they might expect 20% down payment or so.
2006-06-12 10:44:43 · answer #5 · answered by Ted 4 · 0⤊ 0⤋
That's a wide open question. Of course you want it to be as high as possible, and if you are below about 620 you probably won't qualify for prime rates. Anything above a 720 and you should have no problems.
2006-06-12 10:31:20 · answer #6 · answered by not4u2c_yet 4 · 0⤊ 0⤋
I had a 598 and my wife was like a 650 and we got a great interest rate for a 30 year fixed.
2006-06-12 10:30:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
At least 675 and you will have no probelms in buying an affordable house for you and family.
2006-06-12 10:34:20 · answer #8 · answered by POWER 5 · 0⤊ 0⤋
pretty high.
2006-06-12 10:31:02 · answer #9 · answered by igotalife2000 2 · 0⤊ 0⤋