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If I wanted to get a house for $126,000 what would my credit score did to be??

  • February 22 2014 - US
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Answers (4)

There are couple points to get across to you. First of all, the amount you can qualify for does not solely depend on your credit. Other financial factors such as your income, debt, expenses, assets, down payment, employment, as well as credit will all affect how much you qualify for. When it comes to credit, lenders like myself can go as low as 580. Anything lower than that can make it hard to approve you at all. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 26 2014
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I agere with both answers given, the lowest score you could fin d is a 580, which some lenders on a portfolio loan, which would be through investors holding the note as opposed to a government sponsored loan like fha or va, which is a 640 score.What a lot of buyers don't understand is the type of loan has to be matched with the condition of the property and it's appraised value.You cannot put a traditional fha loan on a home that needs repairs or the price is above the what it appraises without you the buyer paying the difference in value.If you use a good agent , they might direct you to down payment assistance and helping negotiate with the seller to help with closing costs.  
  • February 22 2014
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Tims answer is correct their are many factors that a lender considers today when offering a loan, credit is one of them.  My best advice is to talk to a mortgage professional and get a preapproval these can be done at no cost and fairly quickly. 

  • February 22 2014
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It depends on many things... how much money you have to put down. What is in your background credit-wise? Do you have a bankruptcy? Or foreclosure? What assets do you have? Do you currently own a home or are you renting?

The best thing for you to do is to contact a local real estate agent who can recommend a lender for you. It will save you a lot of time and energy consulting a professional. Good luck!
  • February 22 2014
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