NewMrsBoyle

1 Contributions 8 People Helped

Member Since: April 2014

Most Helpful Contribution

What does my credit score need to be to purchase a home?

Nov 02, 2016
Helpful to 8 out of 12 people

There are many factors here. Have you owned a home in the past? Is the area which you are currently renting eligible for USDA loan? USDA loan can be approved with a minimum of 620 (but usually 640+ is preferred) with NO down payment. FHA loan has the same credit guidelines, but would require 3.5% of down payment - which it seems you have with such a low loan amount.

It seems strange that the seller is willing to sell the home at such a low amount. It seems you would be eligible for a home loan, but you may want to talk to a realtor/loan officer to confirm if the property is even eligible.

Activity (1 Total Contributions)

What does my credit score need to be to purchase a home?

Nov 02, 2016
Helpful to 8 out of 12 people

There are many factors here. Have you owned a home in the past? Is the area which you are currently renting eligible for USDA loan? USDA loan can be approved with a minimum of 620 (but usually 640+ is preferred) with NO down payment. FHA loan has the same credit guidelines, but would require 3.5% of down payment - which it seems you have with such a low loan amount.

It seems strange that the seller is willing to sell the home at such a low amount. It seems you would be eligible for a home loan, but you may want to talk to a realtor/loan officer to confirm if the property is even eligible.