Where can i find out what my credit score needs to be to be able to qualify for a home?

Question

I think I owe about 3-4k to collections. Is that too bad?

Answer 1

Check with a lending institution for a pre-qualification.......########

Answer 2

Unless it's really low, you will qualify but getting a loan (your credit risk) will more difficult and more expensive (higher rate) if your score is low. This is being discussed right now. A lot of foreclosures. Countrywide, the nation's largest lender, is expressing concerns about accessing capital (the dollars that investors provide to invest in housing market). Some overseas banks have recently withheld $ from the American markets because concerns about risk. The feds helped by interjecting $ into the banking system, but if the market is concerned it will cause tight money situations nevertheless. Lenders will get more conservative while lending. Your collections issue may not be too bad if you are making regular payments. If not, you may be considered a credit risk.

Answer 3

You are broke. Broke people should not be buying a home. You also will need a pretty big down payment. This is why we are having a sub-prime foreclosure crisis right now.

The days of people with poor credit buying a home with little or no money down is over. You need at least a score of 680 to get anything with decent terms... and you need a good size down payment. You can do FHA with 3% down, but 10-20% down would be better.

1. Payoff all other debt.
2. Save at least 20 grand.
3. Then buy a house with a 30 year FIXED RATE loan.

Answer 4

You can find out through the 3 leading credit agencies. You actually have 3 credit scores which are relatively all the same.

Now, you can get your credit report from each agency for free once a year, but getting your credit scores is going a cost a little money.

Answer 5

yes that is alot of money i owe about 900.00 and that is alot. you need to pay that off unless it is about to fall of and then in that case... let it fall off don't inquire because that is reopening it. but if you need to know what credit score will be good, let me tell you all finance companies are different. find a company you like and let that agent work with you. believe me they want the sale so they will do everything in there power to help you get the loan

Answer 6

Pay it off first--trust me on this. Any liens against you will be added to closing costs if you don't pay them off.

Talk to a lender because you just never know. My husband was told by our Dish company that he had terrible credit, but as it turns out it was good enough to get our first home loan at 6%.

Answer 7

Loan requirements are changing as we write .
Items in collection will put you below 700 , which I think is the new cut off .
Also , there are new minimum down payments .

Ask your lender , only they will know the current info for their institution .

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Answer 8

its not that bad

pay the debt

then save money and buy a house

Answer 9

650 would be good.

Answer 10

http://www.washingtonmetromtg.com/everett/jwright_bio.html
this guy is REALLY good
he got me my house