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titan22 · 10-31-2006, 02:00 PM

When I start back to work again, I'm thinking about getting a house. There are a lot of options out there for financing, but i want to make sure my credit score is high enough. What should i shoot for credit wise before making a huge investment purchasing decision?

briansol · 10-31-2006, 02:39 PM

have you done a credit report recently?

generally, anything over 650 is plenty to get a decent rate. i had a 710 when i got my mortgage and locked in at 6.5%. I COULD have gotten 5.5% if i had 20% to put down, but i didn't have that much, and I could have gotten a couple more points off if I didn't have over 50% bills vs income (the sti car payment put me a hair over that). So, pay off your car loan if you have one first. In the long run, it will save you a ton of cash.

so really, its a combo of what you put down, what you owe vs what you make, and your credit score.

titan22 · 10-31-2006, 03:18 PM

well, my mastercard has an agreement with FICO to post my credit score on the same page as my bill. I took a big hit in my credit about 9 months ago when i maxed out 2 credit cards for school stuff. but now it's recovering. i'm hovering around 700 right now.

i don't have any auto loans right now. i hope to be making around 60k with my next job. yeah, it's not as much as i could be making, but it's salary not commission.

i also have VA benefits and first time homebuyers stuff. but i'll make sure i buy the new car after i get the house. and hopefully be able to put down 10% or so. 20% on a 250k house is a lot of money.

James · 07-26-2007, 09:16 PM

When I went to purchase my first home, I was surprised at my credit score. It ended up even better than Brians at 756 (and that technically is the average of the three bureaus). I still only managed a 7% rate on my mortgage I've been wondering if it's partially because I'd never had a longer than 2 year (aside from car payments) term on any loans.

Not sure about washington, but the minimum for a mortgage here is 610-615.

briansol · 07-27-2007, 02:13 AM

for the record, that post is old

in pulling my credit for my new house purcahse, i'm a 760 average now

10-31-2006, 02:00 PM	#1
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 7	Good credit score for Mortgage Financing? When I start back to work again, I'm thinking about getting a house. There are a lot of options out there for financing, but i want to make sure my credit score is high enough. What should i shoot for credit wise before making a huge investment purchasing decision?

10-31-2006, 02:39 PM	#2
briansol Savings Advisor Join Date: Aug 2006 Location: Central CT Age: 32 Posts: 761 Rep Power: 7	have you done a credit report recently? generally, anything over 650 is plenty to get a decent rate. i had a 710 when i got my mortgage and locked in at 6.5%. I COULD have gotten 5.5% if i had 20% to put down, but i didn't have that much, and I could have gotten a couple more points off if I didn't have over 50% bills vs income (the sti car payment put me a hair over that). So, pay off your car loan if you have one first. In the long run, it will save you a ton of cash. so really, its a combo of what you put down, what you owe vs what you make, and your credit score.

10-31-2006, 03:18 PM	#3
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 7	well, my mastercard has an agreement with FICO to post my credit score on the same page as my bill. I took a big hit in my credit about 9 months ago when i maxed out 2 credit cards for school stuff. but now it's recovering. i'm hovering around 700 right now. i don't have any auto loans right now. i hope to be making around 60k with my next job. yeah, it's not as much as i could be making, but it's salary not commission. i also have VA benefits and first time homebuyers stuff. but i'll make sure i buy the new car after i get the house. and hopefully be able to put down 10% or so. 20% on a 250k house is a lot of money.

07-26-2007, 09:16 PM	#4
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	When I went to purchase my first home, I was surprised at my credit score. It ended up even better than Brians at 756 (and that technically is the average of the three bureaus). I still only managed a 7% rate on my mortgage I've been wondering if it's partially because I'd never had a longer than 2 year (aside from car payments) term on any loans. Not sure about washington, but the minimum for a mortgage here is 610-615.

07-27-2007, 02:13 AM	#5
briansol Savings Advisor Join Date: Aug 2006 Location: Central CT Age: 32 Posts: 761 Rep Power: 7	for the record, that post is old in pulling my credit for my new house purcahse, i'm a 760 average now

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