I am looking to buy my first property as a mulit-family owner occupied with a conventinal loan. I will have $4G's to put down by April and Close to 8 by October. I wanted to know what my credit score has to be in order not to need a cosigner. Im lookign int he range of $100, 000 House with maybe $25,000 renovations the most. I dotn want to go over $150K my first property. Looking and have spotted 3 story buildings with 4-5 units and need renvo. in Philadelphia. My Scores are 638 EQ, 612 TU EX, 585 TU ....TU and EX are as of november.
2007-01-05 03:03:22 · 5 answers · asked by caramelakilah 1 in Business & Finance ➔ Credit
with that credit score you would be able to get a mortgage but with a higher rate than average. they would look at 612 for you middle score. another is that your credit score would have went up if you did not miss or be late on your payments. But to get your best rate is to raise your credit score to at least 608-720. you could do that by having older accounts that are in good standing. also if you keep your credit balance to at least 33% of the high limit or lower that will higher you credit score. for example if you high credit limit is 5000 the best way is to have not more 1650 owed on that account. Also keep your open accounts with a balance to a minimum of three account.
2007-01-05 03:45:19 · answer #1 · answered by John T 2 · 0⤊ 0⤋
At least a 500 but with thoses scores they would look at the 612 (mid score). Go to argentmortgage.com and look at their rate sheets to see what rate a 612 will get you probably an 7.75. The next tier is at 620 then 640 so on. So look at those reports and dispute inaccurate information make payments on time and by October it should be higher.
2007-01-05 03:08:44 · answer #2 · answered by Marcella D 2 · 0⤊ 1⤋
The best thing for you to do at this point is to get a free mortgage quote to see if and how much you qualify for. You may not need a cosigner at all. At least then you will know what your obstacles are. Good Luck.
2007-01-05 04:41:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Nope. Banks do not finance human beings without ss numbers. merely have your cousin signal of their own and that way once you do not pay they're going to be stuck with the priority of their credit being effected.
2016-12-01 21:04:05 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Those scores are certainly not "A" credit. Good luck!
2007-01-07 17:41:30 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋