Saturday, October 31, 2009

What Should Your Credit Score Be In Order to Be Considered For Home Loan?

I%26#039;m talking something with a decent interest rate, none of the adjustable rate stuff either.



What Should Your Credit Score Be In Order to Be Considered For Home Loan?

Obviously the higher the number the better, but the big companies are asking for the minimum criteria of:



- 720 credit score



- 5% percent down payment



- Payment to be no more than 25% of your take home pay



Good luck.



What Should Your Credit Score Be In Order to Be Considered For Home Loan?

To get the best rate with a small down payment your score should be around 700 or higher. The market%26#039;s been hit hard so even people with average credit in the mid to high 600%26#039;s have higher rates now and harder times finding loans if they don%26#039;t want to pay a down payment.



What Should Your Credit Score Be In Order to Be Considered For Home Loan?

680 middle score and higher. A 680 beacon is considered to be a %26quot;conforming%26quot; credit score. Mortgage inquiries are usually a pull of three bureaus, equifax, experian, and transunion. You could get a mortgage with a 575 middle score now, however, the rate would be higher than a 5% on a 30yr fixed. If you need any help with rates and how they work, feel free to contact me at 561-305-8188.



What Should Your Credit Score Be In Order to Be Considered For Home Loan?

You can get one with a score in the high 500%26#039;s. You dont have to have perfect credit. What state are you in b/c I know of an excellent loan officer in Indianapolis who can work with you to get you in a home.

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