What's the Credit range for first time home buyers to get a mortgage?

Question

I have a credit score of 680 is that good for getting my first home?

If I have the score of 680, would that be good for a lender to get me mortgage? if so please give me examples of lenders specifically in Rhode Island or those who deal with all the states.

Answer 1

680 is good ,you will be able to get a mortgage from any lender ,your best bet is to find a Realtor that you are comfortable with,he or she will have the contacts that you need like a Mortgage broker ( they have access to dozens of lenders ),therefor getting the best terms & rate available to you and when you have good credit they are paid from the lender ( not you ) - with a mortgage broker you will get all the benefits at no cost to you !

Answer 2

I would say that your credit score is only of many parameters that a mortgage lender would look at when deciding whether or not to give you a mortgage. Having a good score such as yours will sure help, and will likely get you the best rate they can offer.

But your income and debt levels are also a major factor. A good credit score will make the lender more comfortable giving you the mortgage, but it is your ability to pay that will decide your total amount. The more you make and the fewer debts you have, the larger the amount they will lend you.

Your gross monthly income, less any debt (such as credit card payments, car loans, etc.) will be used as the basis upon which they decide how much they will lend you.

A good guideline is the 30/40 rule. Generally (and I do mean generally, not knowing where you live and the rules there) banks will take either 30% of your gross monthly income minus payments, or 40% of just your gross monthly income as the monthly mortgage payment they think you can afford. A little back-calculating and they arrive at the amount they will lend you, that will result in the payments they determined above.

Lastly, don't forget about a downpayment. The more you can put down, the happier it makes the bank. Plus, your total purchase price would be the total of the mortgage they are willing to lend you, plus any downpayment you can come up with.

Good luck!

Answer 3

You have a very good credit score. If you are serious about buying a home, you should get 2yrs of fed income taxes and W2, a month of paystubs, as well as 6 months of bank statements from all bank accounts to include any 401k and profit sharing with your employer. If someone else is going to be on the mortgage with you or a spouse they will need the same items.

Take these items to a mortgage "Broker" they are your best bet to secure a mortgage and contray to some of the comments here they do not charge any more than anyone else. As a matter of fact they will have more underwriters available than your local bank.

Once they have this information they will pull your credit report, after which they will be able to tell you the type of loan you are qualified for, whether it is a 100% loan or if you have bring a down payment to the closing. They will also be able to tell you the amount of money you are qualified to borrower, the interest rate in which you are qualified for, the monthly payments and other things you need to know about your loan. They will then issue you a pre-approval letter with all the information you need.

They will then be able to introduce you to a real estate agent that will assist you in finding your home. When you have found your home the real estate agent will then get a sales contract signed by you and the seller. The real estate agent will insure that the mortgage broker get a copy so they can complete the loan process.

Once your mortgage broker has the contract he will then order an appraiser to appraise the property to see if the value is there. He will also open an escrow or find a closing agent to close the transaction. He might need additional information from you,not to worry this is normal.

The mortgage broker will make sure you get your loan docs to sign, after which your lender will then make sure the closing agent get the funds to close the transaction.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

Your credit score is good. But first you must "pre qualify" for the mortgage loan, so you can find out how much you can afford buying a house. There's a lot of mortgage option and the lender will help you find it. After you qualified, then you start looking for a home.

Answer 5

A middle credit score of 680 should qualify you for the best rates available. It is the minimum score so don;'t let everyone pull your credit or you score will drop and you no longer qualify. Go to a direct lender like Countrywide or Chase or Citibank. They will have the lowest fees and best rates. if you are self employed or have or issues then a broker migh work.

Answer 6

680 is good! There are a few other factors such as income and money down (if any), but that score is good.

Countrywide is a national lender, I can put you in touch with the department that does that area if you would like.

Answer 7

I agree that your credit score is adequate. Try to put 20% or more down on the house to avoid having to buy private mortgage insurance (PMI). If you can afford the payments, get a 15 year mortgage. (you will build equity faster) Don't get an interest only or adjustable rate mortgage. You would be asking for trouble.

Answer 8

680 is a good score. You can go to any bank to get a mortgage. Don't go to a mortgage broker, they have high fees and have predatory lending practices.

Answer 9

I dont know what the credit range is, but ask your realtor about a CDA loan.
A CDA loan is for first time buyers and you need less money down and you get a lesser interest rate.I used a CDA loan and got 51/2% fixed interest ratewith $2,500 down

Answer 10

dont know