my credit score?

Question

I just pulled up my credit score and found it to be 701.Is this high enough to get pre-approval for a mortgage loan.I am a first time buyer

Answer 1

yep, I got my house when i was 20,

Answer 2

You will have NO Problem getting a 100 percent 1 loan. But remember any amount over 80 percent will have PMI included, if you go conforming. Or you can go sub-prime and NOT have PMI, and the rate would still be good.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

ALSO -
When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? You may find a For Sale By Owner, they are sometimes more willing to help you with closing cost(s) associated with your loan, since there is no realtor fees.

Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...

Answer 3

Most decent rate loans that will exceed 95% will need a 680 mid score. You can qualify for a good loan as long as the end payment and current financial obligations are in ratio with the limits the funding lender looks for. Usually 45 % for conforming and up to 55% for non conforming. You would be well advised to look for a fixed period that will last for your projected time in the home. A 30 year fixed rate loan will be stable but higher rate than a 5 year fixed. Being a first time buyer you will likely not live in the home forever. You dont have to buy a fixer just because your a first time buyer. A key point to remember is that eventually you also will become a first time seller. Try to locate a good deal on something buyers will want in the future. Buying fixers is better advice for people that know the hows and whats to repair. As a first time buyer you really dont want to erase equity by buying into a money pit. Ask your agent to search listings that not only have the realistic features for your price range, but for those with higher than usual market time. Thats where you will find a more desperate seller and can have more negotiating room. There are desperate sellers in every market, they can range from those in pre-foreclosure to FSBO to those that just have horrible listing agents.

Answer 4

Your credit score might be of use in getting pre-approved for a mortgage.
What matters is the amount of the mortgage and the monthly payments you are willing to make. You then have to decide if the mortgage rate is acceptable to you.
As a first time buyer, you should be looking at the cheapest house you are willing to live in.

Answer 5

Yes. There are plenty of programs out there for you. Find a Bnaker and a Buyer Agent. Ask the banker how much you can afford. Take tjhis info to your Buyer Agent and start the hunt. For info on Buyer Agents see: jackosullivan.net

Answer 6

701 was is usually considered great credit. Any mortgage company would love to see you walk through their doors.

Answer 7

Great score! Assuming that you have a sufficient down payment and the income to make the payments, you should be good to go. "A" paper all the way!

Answer 8

Yes, you should be in good shape for the loan. Congrats, just don't borrow more than you can afford on the house.

Answer 9

it is an excellent one my friend ,you can easliy get a loan for 30 years with interest as low as the higher fives or lower sixes at the worst .write at [e-mail]

regards,
kish

Answer 10

that is a great credit score.you will probaly get a good intrest rate on your loan with that score.