what is the good credit score range needed when buying a home.?

Question

what are the negotiations i can do with the banker while shopping for the home loans.

Answer 1

Pretty decent advice above. For the most part, if you have a pulse, you can get some kind of loan.

Qualifying for a loan is NOT just based on your credit (as mentioned). The amount and rate will depend on your credit, plus your assets, income and other debts.

Go to www.myfico.com - right on the homepage it will give you some ideas of how your credit CAN impact your rate. Again, there are other factors.

Get prequalified with at least one trusted mortgage broker and probably shop one or two others until you find one you are comfortable with. Title companies and realtors can refer you to a good one locally. There is no doubt you can negotiate. Keep in mind, if your credit is bad, your income is bad and you don't have much money to put down, you will not be able to talk your way into a good rate, but you can still negotiate.

Regards,

Joe...

Answer 2

You don't need a 700, if that was the case, about 70% of Americans would rent. More like anything above 600 will probably work. It all depends on what you have to put down on the house (in the bank), what benefits you are eligible for (i.e. VA, etc.), and your debt to income (which affects your credit score too).

If you have enough money to put down, your credit score can be as low as 550 and you can still get approved. I agree that you should go to a mortgage broker though, normally your real estate agent will recommend a good one.

I got approved for 100% financing with a score just above 600 with a VA loan, so it's possible. Try things like FHA, and other government programs if you want to do 100% financing, otherwise you should prepare to put at least 10% down on the house.

Answer 3

You definitely want at least a 700 credit score. 750 is better. OK, maybe 700 is a bit optimistic. Certainly you want a minimum of 650. Bottom line, the higher the better.

Skip the banker, and go to an independent mortgage broker. They will find you the best deals. If you are a first time homebuyer, make sure they look at all available state and local first time homebuyer programs.

My mortgage broker found me 2 programs for first time homebuyers. One was a 30 year fixed loan with a below market interest rate, and the other was $25K to help with a downpayment.

Answer 4

hiya, first of all all economic enterprise are diverse and banks use countless credit scoring fashions. To make concerns worse the fashions can exchange on a daily basis in keeping with danger e.g. by way of contemporary credit crunch maximum banks could have raised the score requirement SO - the only answer is to get the right score you may and see a private loan adviser to work out which lender is accepting the main folk with a honest interest value - in the previous this could have been Northern Rock - now you may wat to contemplate the Abbey? ok the right score - each field on the app variety is proper I advise each field. So take time before you answer! have to procure a cheque assure card? verify each card and if not get one - even tho you've got snapped up your credit or save enjoying cards you nonetheless have them and that they're going to look on a credit seek so tick the definite field and you gets greater factors. yet another key one is the dimensions in activity/contemporary homestead and financial enterprise - merely given which you've got a economic enterprise which you employ regularly that doesnt advise which you have been there the longest - have you ever an account which you opened as a baby? Use that one for the type and your established a/c to pay off the DD - returned greater factors. So i'm hoping this proves useful - in case you want me to rearrange your very own loan sooner or later please merely touch me. i'm a independant mortgage adviser - and that i DONT value A value!!! sturdy success

Answer 5

most bank want your credit score to be at least 640 to quilify for a home. But their is some that will allow you to as low as 590. But they will require you to put down at least 30% of the loan.

Answer 6

I give people 100% loans at minimum 600 fico with stated income, and 580 with full documentation. You're rate will depend more on how much down you put than on your credit score.

Answer 7

Anything above 640 will get you a much better interest rate. Granted, if you're at 700 that would be much nicer. but on average around 640 will be good.

Answer 8

650 will get you a typical mortgage...Higher the the score the better at getting lower interest rates...and possibly some lower down payment on mortgage.....

Answer 9

720 -- easy
620 -- possible but may take time
520-- difficult, but there are some that will lend, at very high interest rates