Posted on: 05th Jun, 2009 11:33 am
I have a score of 700.
Hi, Conventional loans looks for a score of 720+ you can work ur score up to 720 pretty easy if your not in a rush to purchase a house. There is also FHA loans at a score of 620.
you can certainly obtain a conventional loan with a credit score of 700. what is also essential in negotiating the straits of the mortgage world is yoru down payment percentage and your debt load. you may or may not have a minimal amount of closing fee attached to your loan based on the score. that will depend on the other factors involved.
700 is either slightly looking at mean or median scores. In either case, your score is but nothing to call out the pom-pom girls. Will you likely be able to get a conventional loan yes. But will it cost you also yes. You do shed some costs at 720 and are in the 740. Amount down plays a factor 40% down and re home free but strange things happen around 20% -- sometimes you reduce cost by putting slightly less down but they you do have mortgage insurance.
Be cautious of any LO who tells you your credit scores arere in the ego soothing business but you should deal in reality. Go to efanniemae and look at announcement 08-38 for details. This may inspire you to on your FICO score before buying. There are true consequences for your credit management skills or lack there of.
FHA may be a viable option since there is only alevel and no but the cost can be high. Works best with limited downpayment amounts. Just make sure you dont get sucked in with the pitch. Looks at the costs also. Biggest is an upfront premium of 1.75% -- a hefty figure if youre putting more than 3.5% down. Still might be the best way for you to go.
Be cautious of any LO who tells you your credit scores arere in the ego soothing business but you should deal in reality. Go to efanniemae and look at announcement 08-38 for details. This may inspire you to on your FICO score before buying. There are true consequences for your credit management skills or lack there of.
FHA may be a viable option since there is only alevel and no but the cost can be high. Works best with limited downpayment amounts. Just make sure you dont get sucked in with the pitch. Looks at the costs also. Biggest is an upfront premium of 1.75% -- a hefty figure if youre putting more than 3.5% down. Still might be the best way for you to go.
a truth-telling guest is hard to find...that's a nice post, whoever you are.
you're totally correct in that we do generally soothe people's egos. of course, 700 was a "great" credit score not long ago. it may well become a great score again, since so few are going to be able to maintain 740+ over time in current economic times.
they say recessionary times are receding though, so the time might not be that short for that.
and yes, with fha loans, there is far less angst in pricing for a 700 scorer, so that might just be a viable alternative. it truly depends on the borrower, his or her moods, the ltv and how much cash one truly has.
you're totally correct in that we do generally soothe people's egos. of course, 700 was a "great" credit score not long ago. it may well become a great score again, since so few are going to be able to maintain 740+ over time in current economic times.
they say recessionary times are receding though, so the time might not be that short for that.
and yes, with fha loans, there is far less angst in pricing for a 700 scorer, so that might just be a viable alternative. it truly depends on the borrower, his or her moods, the ltv and how much cash one truly has.