Posted on: 21st Feb, 2013 12:57 am
We are looking into buying a home in a few months. But I keep getting very vague answers as to what we need to qualify. Minimum credit score? What kind of credit history? How much cash reserves do we need? Bank statements? What exactly will they need? Can someone help!?
Hi Sober,
Well, in order to get a FHA loan, you will need a credit score of 620 - 640. For conventional loans, the requirement is 720. You should have a good credit history in order to get a mortgage. You shouldn't have much negative items listed in your credit report. You should have the down payment as well as few months of monthly mortgage payments saved in your account.
Take care
Well, in order to get a FHA loan, you will need a credit score of 620 - 640. For conventional loans, the requirement is 720. You should have a good credit history in order to get a mortgage. You shouldn't have much negative items listed in your credit report. You should have the down payment as well as few months of monthly mortgage payments saved in your account.
Take care
Hi Sober!
Welcome to forums!
You will require bank statements in order to qualify for a loan. This will help the lender know about your financial status. You can also use the online mortgage calculators and find out what type of loan you may apply for.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will require bank statements in order to qualify for a loan. This will help the lender know about your financial status. You can also use the online mortgage calculators and find out what type of loan you may apply for.
Feel free to ask if you've further queries.
Sussane
While offering you a loan your creditworthiness will be judged by the lender. While judging your creditworthiness different financial parameters such as your income, employment, assets, debts, credit score etc will be verified by the lender.You have to prove before the lender that you pose less or minimal risks of default.