What do you consider a good credit score?/ also need tips on buying a first home.

[Renob]

The wife and I are starting a home search for our first home.
Both are scores are in the mid 700s. Im hoping it should be no prob finding a loan.

Thanks guys for any tips you might have on buying a home.

 

[Argo]

Nevermind, I think others in this thread know more on the subject. <Proceeds to shove his foot in his mouth>

 

[RossMAN]

Vic is the person to ask but I would look at your:

1) Credit score, 680+ is good, 700+ is great.
2) DSR (debt to service ratio) should be as low as you can get it.
3) Credit, no late payments, judgements, charge off's, liens, etc.
4) LTV (loan to value)

 

[Quixfire]

It also helps to have at least two months worth of payments, besides your downpayment, available in a saving account.

 

[Queasy]

RossMan has it right. Your credit score is good. Dual income is a great help as well.

Also, having money in savings, stocks, bonds, etc is a great benefit as well. They look at your entire financial portfolio. If they see you have money saved in some way that will be a big positive.

Go check out BankRate and Motley Fool for tips.

 

[Renob]

I'd say mid 700 is at the lower end of the scores that lenders would consider

What do you base your reply on?

Also thanks to all of you for your info/tips


Anyone ever buy a house in foreclosure Im seeing some what look like great deals in the Austin area.

 

[StageLeft]

Mid 700's for both of you is awesome. Unless there is something we don't know about like you both got laid off or your debt to credit ratio is bad (but if it was your score would be lower) you have nothing to worry about getting a mortgage.

As rossman said 680+ is decent and 700+ you're not likely to find any problems. Plus since you both have that it's a no brainer for lending money to you.

 

[optoman]

I worked with a guy who bought a foreclosed house. He got a good deal. It can be a crapshoot. You need to know your houses and have someone check it out for any problems. You can get some killer deals.

I checked two different agencies and my score at one was around 740 and the other 680. The one that had the 680 had some old accounts that still listed balances that I had cleared up by the credit card agencies. That was about 6 months ago so it should be better now.

 

[Argo]

Originally posted by: Renob
I'd say mid 700 is at the lower end of the scores that lenders would consider

What do you base your reply on?

Also thanks to all of you for your info/tips


Anyone ever buy a house in foreclosure Im seeing some what look like great deals in the Austin area.

I based this on what I heard from people. No solid evidence. Hence, I edited out my reply.

 

[StageLeft]

Originally posted by: Argo

Originally posted by: Renob
I'd say mid 700 is at the lower end of the scores that lenders would consider

What do you base your reply on?

Also thanks to all of you for your info/tips


Anyone ever buy a house in foreclosure Im seeing some what look like great deals in the Austin area.

I based this on what I heard from people. No solid evidence. Hence, I edited out my reply.

Perhaps they meant 600? I know that equifax - well I think that's the one - has a chart that shows what percentile you're in with different scores and a mid 700's is definitely well above average.

 

[Argo]

Originally posted by: Skoorb

Originally posted by: Argo

Originally posted by: Renob
I'd say mid 700 is at the lower end of the scores that lenders would consider

What do you base your reply on?

Also thanks to all of you for your info/tips


Anyone ever buy a house in foreclosure Im seeing some what look like great deals in the Austin area.

I based this on what I heard from people. No solid evidence. Hence, I edited out my reply.

Perhaps they meant 600? I know that equifax - well I think that's the one - has a chart that shows what percentile you're in with different scores and a mid 700's is definitely well above average.

My score is 750 and equifax still shows me as a risk, albeit a very low risk.

 

[Renob]

My score is 750 and equifax still shows me as a risk, albeit a very low risk

Why do they show you as a risk, to you have late payments, charge offs or liens??


My wife did have a charge off 10 years ago, and me never missed or late on anything.

I think I might run into problems being a contractor there is a small chance the IRS thinks I made less then I did.
So being that we might not qualify for as much as I was hoping for.

 

[HomeBrewerDude]

Originally posted by: Renob
The wife and I are starting a home search for our first home.
Both are scores are in the mid 700s. Im hoping it should be no prob finding a loan.

Thanks guys for any tips you might have on buying a home.

Attend a First Time Home Buyers seminar... check with your bank for info.

Get Pre-approved (a bank authorizes you to spend up to $xxx,xxx)

Interview potential buyers agents before you sign a rep contract.

 

[Argo]

Originally posted by: Renob
My score is 750 and equifax still shows me as a risk, albeit a very low risk

Why do they show you as a risk, to you have late payments, charge offs or liens??


My wife did have a charge off 10 years ago, and me never missed or late on anything.

I think I might run into problems being a contractor there is a small chance the IRS thinks I made less then I did.
So being that we might not qualify for as much as I was hoping for.

I do have a car loan that I haven't paid off yet. That might be the reason. Other than that I'm as clean as it gets.