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what should your fica score be if I'm a first time buyer

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June 22 - Omaha

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Brenda Carlson, "bank4"
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Brenda Carlson, "bank4"

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Demetrya,

Depending on what typy of mortgage you qualify for 620 is the lowest score allowed under Government loans. ie FHA or VA. The conventional loans require a higher score. If you are ready to purchase you should find a lender you are comfortable with and get pre-approved. Rates are amazing currently the FHA loans are running around 5% and only require a down payment of 3.5%.

I would be happy to assist you with any information. My office number is 402-827-3110

Good Luck

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Pat Bourgo, "Pat Bourgo"
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Pat Bourgo, "Pat Bourgo"

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I think they bumped FHA to 620.

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June 23

Brian Esquivel, "FHAmortgagelenderAZ"
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Brian Esquivel, "FHAmortgagelenderAZ"

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Hi Demetrya,

Matthew is on the money. If you are looking to buy in Omaha I have a great agent that lives there that I could refer you to. I am from Lincoln but have lived in AZ since 1997.

Best of luck and let me know if you or anyone you know needs help with a home loan in AZ.

Thanks.

Brian

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June 23

Matthew O'Shea, "matthewoshea"
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Matthew O'Shea, "matthewoshea"

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To answer your question correctly, you will need to know what type of financing you are getting (ex: Conventional, FHA/VA, etc...). After you know this, you will be able to better understand where you score needs to be. Typically, FHA has the lowest standard right know at 620-640. You will need a higher FICO if you are considering conventional financing.

Feel free to contact me if you have any other questions. I can also refer you to a few great mortgage professionals who have ample amounts of free information for you.

Good Luck!

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June 22

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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FICO, not FICA.

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June 22

Michele Whitley, "MicheleWhitley"
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Michele Whitley, "MicheleWhitley"

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You should have a 580 or above for an FHA loan.

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June 22

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Question what should your fica score be if I'm a first time buyer

Question I want to make an offer for a house in New Jersey. I don't know within what % I should offer?

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