Posted on: 20th Jun, 2009 02:49 pm
My husband and I have been self employed for a little over two years. We are trying to sell our mobile home in California and buy a home here in California. What is the minimum amount we need to give down? Where should our fico scores be at?
LORIE611
Welcoem to the forum
Always anythign above 720 is consider a good score and anythign above 750 will be an excellent score.
If you are goign to do a conventional loan, then to qualify for a good interest rate, you will need 720 and above and also 20% down payment. But if you have lot of debt, then your optiosn will deceasr or your interest may go up.
Anothe roption woudl be to go with FHA loan, which requires you to make 3.5% down and you can qulify with 620 credit score. This will carry MIP or PMI. also you need to make 1.75% upfront MIP payment. But you can club this with yoru loan
Good luck and feel free to ask
Welcoem to the forum
Always anythign above 720 is consider a good score and anythign above 750 will be an excellent score.
If you are goign to do a conventional loan, then to qualify for a good interest rate, you will need 720 and above and also 20% down payment. But if you have lot of debt, then your optiosn will deceasr or your interest may go up.
Anothe roption woudl be to go with FHA loan, which requires you to make 3.5% down and you can qulify with 620 credit score. This will carry MIP or PMI. also you need to make 1.75% upfront MIP payment. But you can club this with yoru loan
Good luck and feel free to ask
Thanks for the reply.
How do I find out how long something stays on my credit report?
How do I find out how long something stays on my credit report?
LORIE
Try geeting your recent credit report from all the three agencies. If you have not used it this year, you shoudl be able to get all th three reports for free.
It will show any postive or negative items on your report
Any negative item will stay on the report for atleast 7 years
Good luck
Try geeting your recent credit report from all the three agencies. If you have not used it this year, you shoudl be able to get all th three reports for free.
It will show any postive or negative items on your report
Any negative item will stay on the report for atleast 7 years
Good luck