Thinking about buying my first home and have no clue as to what the credit score I should have to get a home. Im trying to build up my credit but would like to know what score to shoot for.
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You would need to have enough income to make payments. About 70,000 a year in income would be good for a house of that price. Then a credit score of 700+. The price of the house is not relevant to the credit score, it is relevant to your ability to make the payments.
740 to 760 with 10% down.
Any less, you’ll have to plop down 20%.
If you are approved for FHA, you may only need a 680 score, and about 6% down.
Closing costs are out of your own pocket.
Check your credit reports for free once a year at
annual credit report . com
Make sure that every single line is in pristine condition.
Once that is done, go to Equifax.com (8 bucks), or myfico.com (15 bucks) and get your score.
No need to pay for that scam monitoring system or daily updates on your score.
If you have any credit card debt – you need to pay that off.
Carrying balances (revolving debt) is extremely derogatory to your credit.
Any loan balances you have will directly reduce the amount of monthly mortgage payment you will qualify for.
Do not make any new loans 18 months before buying a home.
Do not open any new credit cards 6 months before purchasing your home.
Google “how much home can I afford” – it will give you a high number.
Lower it to not exceed 25% of your take home pay.
After all, you want to be able to put food on the table and take a vacation once a year.
Note: Major lenders like FHA do not go by the scores – the scores are there to guide you. They view your reports in detail, along with your employment and salary.
They don’t worship the score – no one should.
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