Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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Thanks for the link!
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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13 Replies
1,710 Views
Is there a certain credit score that lenders look for when deciding on approving a mortgage? I am looking to buy soon, and have a score of 766. I know they factor in a lot of other things, but is...
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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13 Replies
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that 45% was a total figure including the prospective mortgage.
I don't think insurance was included.
What surprised me, however, is that student loans in deferment (e.g. no payments due) were...
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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13 Replies
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Cannot be stressed enough.
AND, shop around.
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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Score is part of it but got you have income too. A nice down payment will most likely will be required. I believe first time home buyer programs allow 10% down payment. Commercial properties won't...
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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It's been awhile, buy Navy Fed's a pretty legit CU, they were nice enough to show me their basic calculation in regards to credit score, but that was over a year ago, so accuracy and your bank may...
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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766 is a very good score to have when dealing with housing loans. I think if you drop below 650 or something that is when you get into trouble.
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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I just got a mortgage and they tacked on an extra 1/8th of a percent to the interest rate because my average credit score was below 740 (it's somewhere around 730).
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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I appreciate the response.. Just wondering though..I can have the 10%, but I thought FHA was like 3% down payment?
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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13 Replies
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I bought a house with around a 760, i had no debt of any kind (including car payment). After i explained the 3 hard pulls on my credit (damn slick deals and the credit card sign up reward bonuses), i...
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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Currently it is as low as 3.5%
http://www.hud.gov/buying/loans.cfm
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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13 Replies
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Does that 45% max ratio include what the mortgage note would be? Or is that max 45% of all debts before the mortgage? When calculating that ratio, what all do I need to include? You wouldn't need...
Credit score for mortgages
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Thread created 01-31-2011 by jmcunnin
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13 Replies
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3 general things they will look for:
credit score - how trustworthy are you with credit?
credit report - do you have a lot of outstanding credit (e.g. credit available on CC's?)?
debt/income...