I can put down between $20,000 to $40,000 and would like to know what my score has to be to get a mortgage. I live in Texas (if this helps). My credit could be better and is mostly school loans. Does anyone know how to find out your credit score and what is needed?
2006-08-09 08:47:00 · 1 answers · asked by Anonymous in Business & Finance ➔ Credit
I have had borrowers in the mid 500's get 100% loans. And putting that amount down will help your ratio's a great deal. Contact me via e-mail at aguajardo@gordonlending.com if you have any other questions.
2006-08-09 08:58:32 · answer #1 · answered by ? 4 · 0⤊ 1⤋
I think banks are a little more understanding if you have school loans. If you have a low credit score you will have a higher interest rate. If you have 20-40 thousand to put on the house you might benefit more by putting some of that money on your student loan. Good luck!!
2006-08-09 15:52:17 · answer #2 · answered by FRECKLES 6 · 0⤊ 0⤋
Anyone can probably get a mortgage, given a good down payment. where your credit score comes into play is how good a mortgage rate you'll get. The best scores will now get around 6-7%. Worse scores will get around 9%. Poor scores will go into double digits.
2006-08-09 15:50:42 · answer #3 · answered by jlee1224 4 · 1⤊ 0⤋
Check with the credit bureas (Transunion etc) and its best to have close to 700 and 800 cause that way you will be putting less down. Look up for World Financial Group offices in your area they could help you out. Putting a large down payment is not good and they will show you why. Some people wont stay in a house more than 3 years.
2006-08-09 15:54:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Most lenders want your business and they will allow any credit score. However, with old debt and a poor credit score, you may not get approved for as much as you want. Also, your interest rates may be higher.
I suggest getting a mortgage broker to advise you on which lenders are offering the best interest rates.
2006-08-09 15:54:38 · answer #5 · answered by drea 2 · 0⤊ 0⤋
FICO Scores Are They So Important for Getting a Mortgage
By: Joy Cagil
There is a load of good information on this web site. Plus there are companies to explore your options too!
2006-08-09 15:53:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
www.Fico.com is a great way to get that number. Generally you must have a score of at least 550. With that kind of down payment , if it is at least 20% of the purchase price, you should be okay.
2006-08-09 15:52:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can contact one of the credit bureaus who isses credit concumer reports, pay a fee and get a copy of your credit report, which should include your credit score.
2006-08-09 15:51:34 · answer #8 · answered by WC 7 · 0⤊ 0⤋
usually any credit score will do, however, the lower your credit score the higher your interest rate will be
2006-08-09 15:49:38 · answer #9 · answered by Anonymous · 1⤊ 0⤋
It all depends on who you know & how much your trying get. Its usually around 600-620. Thats if you dont have connections or if your trying to get out a lrge loan like 100k
2006-08-09 16:47:17 · answer #10 · answered by Barak M 1 · 0⤊ 0⤋