Jan
05
2010
What Does My Credit Score Have To Be To Buy A House In Texas?
Posted by: Alan in Credit Score, tags: Credit, Does, Have, House, Score, Texas, What
What does my credit score have to be to buy a house in Texas? I am trying to buy a house that cost 97,000 and I make 5,000 a month. Does a credit score even matter?
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January 5th, 2010 at 4:19 pm
creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
January 5th, 2010 at 8:51 pm
Yes it does matter, No matter how much money you make the system won’t even look at your application unless it is a 620. Credit worthiness and the ability to pay on time every time is the best way. If you are lacking a few points, go to your bank or credit union and get a secured credit card by depositing a couple hundred dollars on the card. Then only charge 10% of the cards available credit and wait until the bill comes to pay it off immediately. The credit bureaus don’t recognize the secured part of the card all they see is credit available. I guarentee you your score will go up 45 points in a month. Excellent Luck!
January 6th, 2010 at 2:08 am
Much more strict loan requirements! I remember when all you needed was a pulse and a stated income! Now look at the mess!
FHA is the largest program around right now. Mid score MUST be a 620 and DTI (debt to income ratios) need to be around 34%. Seller can pay up to 6% of your closing cost, and you MUST have 3% down payment….no way around that, no gift funds, no rolling up into the loan..
USDA is a fantastic program, but the house you are buying must be in a rural area to qualify. This link will allow you to search by property address to obtain eligibilty:http://eligibility.sc.egov.usda.gov/elig…
This loan is 100% financing, interest rates equivalent to FHA and NO MIP (mortgage insurance premium – saving appx 55.00 a month on a 100k loan)
VA – 100% financing, must be a veteran, 2% VA funding fee unless you are a 60% disabled vet then it is waived, seller can pay up to 4% closing cost and NO MIP
Conventional – must have 20% to place down at closing.
Pleased House Shopping!
January 6th, 2010 at 5:10 am
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January 6th, 2010 at 6:26 am
In order to get conventional financing, you need a minimum FICO score of 620. You also need a 20% down payment. If you are paying full cash price without financing, your credit does not matter.
January 6th, 2010 at 6:30 am
try this site (i’ve used it): http://topfin4.notlong.com/6AAftKl
January 6th, 2010 at 7:01 am
Yes a credit score matters the most! You cant get a loan anywhere unless it is at least 620.