Credit score for buying a home 641?

Question

My Credit Score is 641 I have myfico and it updates me all the time,I already have a home,and im retired.My wife still works,I recive social security with my age.I was thinking about helping my son buy a starter home 70k.My score is 641 went up I just bough a new car,and im going to pay it off after i make 5 payments.You think 641 is good enough or will we have a high intrest rate?
Bob and Mike

Answer 1

If you just purchased the vehicle, your scores have dropped from the inquiry's and the new account. If it's possible at all to hold off for a few months, you would probably see a rise in your scores and better rates.

You might check out the link I've provided for myFICO. It is a interest rate simulator. Do a bit of playing around on it. Then you might check out the rest of the site for any other tips it may give you.

Answer 2

641 Credit Score Mortgage

Answer 3

Hi Mike,

Generally, a credit score of 650 is suitable enough to qualify for a mortgage at a reasonable rate of interest. At your score, lenders may ask for a higher rate of interest. As you are retired, you can apply for reverse mortgage program which does not require a verification of your credit score and income.

There is no need to pay monthly installments as in any other home loan. The reverse mortgage is only paid off when the borrower dies or when the property is sold off or vacated.

Thanks,

Mortgage Mentor
MortgageFit Community

Answer 4

Credit Score Explained
http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Score-Myths-Explained.html

Answer 5

Read some tips on credit and more on this site to help you with it

Answer 6

Haven't ever thought about it in that way to be honest

Answer 7

it depends...