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Mbarrette00
LIF Zygote
Member since 11/05 10 total posts
Name:
Maria
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Credit Score
My dh and I are starting to look at buying a house and I was curious to know what is considered a good credit score when trying to get a mortgage.
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Posted 2/27/06 10:25 PM  |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Credit Score
700's and higher
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| Posted 2/27/06 10:33 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Credit Score
We were in the high 600's and were told by our Mortgage broker we will have no problem getting approved.
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| Posted 2/28/06 9:55 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Credit Score
I wouldn't worry about your credit score for getting approved. These days, anyone can pretty much get a mortgage. BUT I would worry more about the rate you'll get if your credit score is not so good.
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| Posted 2/28/06 10:02 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Credit Score
Ideal credit is somewhere around 730 and above.
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| Posted 2/28/06 11:20 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Credit Score
If you have a lower credit score then you will get a higher interest rate. Above 720 is a great credit score.
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| Posted 2/28/06 11:28 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Credit Score
You should have no problem getting approved if you have 620 or above. It depens on the LTV. If you can get 20% to put down or a sellers concession you will be better off
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| Posted 2/28/06 3:13 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Credit Score
above 625, you will be fine getting a mortage. it also depends like the above poster, your ratios...debt to income, etc....
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| Posted 2/28/06 3:31 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Credit Score
Ok...my question...which company do they use to find your credit score? Out of the three, I checked out two and both were different?
One was 814 and the other was 724...that's a big difference...
ETA: Do they take all three and get the average?
Message edited 3/1/2006 12:35:56 PM.
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| Posted 3/1/06 12:35 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Credit Score
Most lenders take your mid score so if you have a 620 a 640 and a 680 they take the 640. They use theri own credit services but the numbers should be relatively similar
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| Posted 3/1/06 5:56 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Credit Score
just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.
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| Posted 3/2/06 7:50 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Credit Score
Posted by Salason
just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.
not true..every bank had different policy's about lending....
i am just about at your number and probally minus from 660 and i have a fixed rate of 6 percent buying 3 months ago
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| Posted 3/3/06 7:40 AM |
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Mbarrette00
LIF Zygote
Member since 11/05 10 total posts
Name:
Maria
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Re: Credit Score
I am guessing it is a combination of credit score and how much you put down. I don't know what we are putting down yet, but I am positive it can't be 20%. But thanks for all your opinions... I am not AS worried now.
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| Posted 3/3/06 8:37 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Credit Score
Posted by BabyBoy
Posted by Salason
just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.
not true..every bank had different policy's about lending....
i am just about at your number and probally minus from 660 and i have a fixed rate of 6 percent buying 3 months ago
notice the "most likely" in my statement. you lucked out. do you know what rate a prime borrower would have gotten when you secured your rate?
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| Posted 3/3/06 6:22 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Credit Score
Posted by BabyBoy
Posted by Salason
just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.
not true..every bank had different policy's about lending....
i am just about at your number and probally minus from 660 and i have a fixed rate of 6 percent buying 3 months ago
It also depends if you paid points to get your interest rate lowered. You are right it really depends on the bank and a whole bunch of other things.
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| Posted 3/4/06 1:54 AM |
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