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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Credit score?
What's the minimum score you need these days to get a loan?
Is it a grey area?
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Posted 3/8/11 11:26 AM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credit score?
580
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| Posted 3/8/11 11:30 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Credit score?
wow, low..
I guess if you want a good rate it would have to be higher.
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| Posted 3/8/11 11:41 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credit score?
580 is low- but it would need to be with paystubs and good dti
580 with an explaination- most likely only an FHA
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| Posted 3/8/11 11:44 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Credit score?
so what kind of rate would you expect?
Someone I know is trying to fix credit and applying for a mortgage.
She said she can get a 4-5% loan with 640. They are trying to get her credit to come up 60 points with her paying off credit cards and getting her accounts current.
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| Posted 3/8/11 11:47 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credit score?
it depends what type of loan
sonymae or FHA they could expect in the low 5%
but no one is getting a loan with out their accounts being current
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| Posted 3/8/11 11:52 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Credit score?
Posted by Beth
it depends what type of loan
sonymae or FHA they could expect in the low 5%
but no one is getting a loan with out their accounts being current
Right, her boyfriend gave her a boatload of cash to get her accounts current.
But she still has the late history.
She is a first time buyer but he isn't. I wonder if that helps or hurts.
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| Posted 3/8/11 11:56 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credit score?
she might be able to do a FHA loan
not every bank would be willing
Continental home loans might b/c they bank a lot of their own loans
it doesn't matter that he isn't a first time buyer and she is- makes no difference
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| Posted 3/8/11 12:01 PM |
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