Im about to venture into buying a house for the first time. I track my credit score online and there are 3 different scores. Equifax 680, Experion 666, and Transunion 740. They seem pretty different from each other. Are those good credit scores? I am only 25 years old. Will I qualify for a decent rate? Also Im looking to buy at house at 150,000 - 180,000 and have a mortgage of 1,000 per month. Am i crazy to believe I will get this? Any advice would be appreciated! Thanks!
The middle score is what will be used. 680 is Westchester if you are getting an FHA loan. If you are thinking about Conventional a 680 will mean a higher rate. As far as what your payment will be, it depends on how much you put down, what your taxes & insurance are & what rate you can get. Another thing to remember, the scores you get online are different from what you get with a residential mortgage credit report.
They'll average it out. Good luck! RE: Which credit score will be looked at? Im about to venture into buying a house for the first time. I track my credit score online and there are 3 different scores. Equifax 680, Experion 666, and Transunion 740. They seem pretty different from each other. Are those good credit scores? I am only 25 years old. Will I qualify for a decent rate? Also Im looking to buy at house at 150,000 - 180,000 and have a mortgage of 1,000 per month. Am i crazy to believe I will get this? Any advice would be appreciated! Thanks!
For Finance and credit solutions I always visit this website where you can find all the solutions. :Which credit score will be looked at? Im about to venture into buying a house for the first time. I track my credit score online and there are 3 different scores. Equifax 680, Experion 666, and Transunion 740. They seem pretty different from each other. Are those good credit scores? I am only 25 years old. Will I qualify for a decent rate? Also Im looking to buy at house at 150,000 - 180,000 and have a mortgage of 1,000 per month. Am i crazy to believe I will get this? Any advice would be appreciated! Thanks! Follow 5 answers
These are decent scores. You need more information to see if you can afford this house. For example, a bank will usually only approve a loan if your total house costs (mortgage + interest + taxes + insurance) are less than 28% of your gross income. They will sometimes go up to 30%. They want to see your total debt (including mortgage costs) at less than 36% of your income. So, if you are carrying heavy payments, that will hurt your chances. The other thing they will look for is how much you have to put as a downpayment. Count on at least 5% down ($7,500 down) for a $150,000 house. Your hope of a $1,000 a month mortgage is slim. The principal and interest payments on a $150,000 mortgage at 6% fixed 30 years is $895 a month. That is before PMI, house insurance and property taxes. If you can put a chunk of money down, then the payment will decrease a little. The website bankrate.com has good loan calculators you can use to come up with payment amounts. Another option you should look into is whether or not your community offers first time homebuyer programs. They are great for someone your age, as they offer counseling for free, and can qualify you for special lending programs that are cheaper than regular banks might offer. Look into those. Also look into www.hud.gov for extra assistance in buying a house. Good luck.
Good luck on your new home. I am a Property Manager, a landlord and when I have a prospect I run their credit and definitely look at their score. We have a certain criteria that has to be met. That is for rentals. For purchases, yes all three credit scores will be looked at. You are 25, that is a good score, I have run hundreds of credit reports, of course you know the higher your score the less deposit required and a better interest rate......keep up the good credit scores because I promise you it will follow you everywhere.
One or more of those isnt showing all your bad debt, they never do, and you will not be able to get a house for 1000 a month unless you are locked in at a rate lower than 5 percent with a 180k house, not going to happen, our house is 175000 and our mortgage with insurance and taxes is right over 1250 a month, and thats not with a pmi and its right around 5% the best thing to do is go talk to a mortgage company find out what you do qualify for, first, before you find your perfect house it will save time in the long run
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