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how long to wait until applying if score is 629

ok my score is 629 im going to be finishing paying off A credit card how long should i wait to apply for first time homeowner 
  • January 20 2014 - West Palm Beach
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Answers (2)

That credit score is certainly acceptable. The lowest credit scores lenders like myself are able to do, are around 580-620 depending on the type of loan. Since you are above that you have a better chance at obtaining an FHA or conventional loan. So if all your other finances are in place lenders can work with that score. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 22 2014
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Hello CaylaSearle,

I would suggest applying now.  There are many reasons for this, but the first is if you're over 620 you should qualify for a loan-- at least from a credit standpoint.  Another reason is that very often the score that you can see, whether that be from a free credit report, or in connection with another kind of financing that you've taken out recently, may be different from what shows up on a "mortgage credit report."  Beyond that, the whole idea with getting financing for a new home purchase is to make sure you've got all of your proverbial ducks in their proverbial row prior to making an offer on a home and entering into a contract.  There's no reason to delay! 

If you want any more specific information, please contact me through my profile as I seldom revisit advice posts. 

Hope this helps! 


Thanks,
Aaron 
  • January 20 2014
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