My husband and I earn about $7,500 a month (total) but our credit is not that great. What type of loan could we get?
What type of credit score do you need to buy a new house?
Just about any credit score above 570 will work. See Rural Development and get a Buyer Agent
What type of credit score do you need to buy a new house?
Hannah - lenders usually offer programs for people with all sorts of credit scores. The higher your score, the lower your interest rate...and in turn the lower your monthly payment.
When you talk about your $7,500 in montly income, lenders will also look at your monthly liabilities too. So, when talking about income, you always also consider the existing debt too.
What type of credit score do you need to buy a new house?
they got lenders offering rates from scores at 500. anything is possible. although rates are pretty high right now, so i would probably get a fixed 30 year in case they go any higher, you can always refinance to a lower rate.
What type of credit score do you need to buy a new house?
There is no quick answer without more details. However I will tell you that you can get a mortgage with a score BELOW 500, the rates will vary based on debt-to-income ratios, scores. and other factors. If you would like more assistance you can contact me queensherene@aol.com and I will answer any questions that you may have in detail. Good Luck!
What type of credit score do you need to buy a new house?
i can get you, a loan where they DON%26#039;T EVEN LOOK AT YOUR CREDIT. CALL ME FOR A FREE LOAN STRUCTURE CONSULTATION, AND I WILL TELL YOU WHAT TYPE OF LOAN YOU CAN GET. I CANT TELL YOU THAT UNLESS YOU CALL ME, OR E-MAIL ME, AND I COLLECT SOME MORE INFO. IT%26#039;S FREE, AND WILL BE THE MOST ACCURATE LOAN QUOTE YOUV%26#039;E EVER HAD. YOUVE GOT NOTHIN TO LOSE, BUT YOUR HEADACHES. SO CALL ME, AND THERE IS NO OBLIGATION TO GET YOUR LOAN FROM ME, I JUST WANT TO LET YOU KNOW WHAT I CAN DO FOR YOU, THERE IS ALOT MORE TO A MORTGAGE THEN JUST A RATE AND PAYMENT. LIKE WHEN WOULD YOU LIKE TO RETIRE, HOW MUCH WOULD WNAT IN THE BANK AT THAT TIME, HOW SOON WOULD YOU LIEK THE HOUSE TO BE PAID FOR, ARE YOU GONNA RESELL. THESE ARE ALL (AND MORE) VERY IMPORTANT FACTORS IN OBTAINING A LOAN. SO IF YOU WANT THE BEST ANSWER, YOU HAVE TO CALL ME.
203-729-8900 X-111, ASK FOR DAVID POWELL, OR Call my cell phone at 203-410-4427. or email at dpowell@oakwoodmoney.com .
lets get started
What type of credit score do you need to buy a new house?
Wow, David needs to lay off the coffee. There are a whole lot of factors that go into buying a house. Your best bet is to talk to a mortgage broker who will take your info and work it into something doable.
What type of credit score do you need to buy a new house?
if your credit score is above 580 there are tons of lenders that will give you 100% financing on a loan. you still will have closing costs that you can not finance, so you need to have the money to pay those costs. also the lenders look at your debt ratio, and you want it under 50% of your monthly income before taxes. so add up all of your monthly bills such as car loans, student loans, personal loans....total that all up. then you need to know how much the monthly insurance is going to be on the house, add in that figure and also what the monthly cost will be on real estate taxes, add in that figure. take your monthly income before taxes and divide it by the total of all those monthly bills and if that number is under 50% of your total monthly income before taxes and your credit score is 580 or higher and you have money put aside to pay closing costs you are in......then you can call a realtor and go house shopping, call a mortgage broker to get a preapproval first....email me if you need more info. happy house hunting..
What type of credit score do you need to buy a new house?
I would suggest getting your credit in order BEFORE you try finding a mortgage. The reason is simple MONEY. If you borrowed 300K @ 7% your payment without taxes and insurance would come out to 1,995. The same amount @ 9% would be 2,415.
It doesn%26#039;t take much to take a 500 credit score and take it to a 620 or 700. I have been doing this more than a day and have seen peoples credit scores jump 100 points in a month. Now this is not the norm but it can be done.
But to answer your question: As long as your credit score is above a 580 you can recive 100% financing for your home.
If you would like to talk more about your current situation and goals write me at mdesdunes@sicloans.com
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