Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
Ccat24

0 Contributions
0 People Helped
Credit for a mortgage
Im trying to boost my credit score so i can get approved for a mortgage. What is a good credit score and how can i get it there fast! ?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
326 Contributions
172 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

Depends on the lender.

Decent FHA and VA mortgage lenders require a minimum of 620 (average FICO score) before they'll talk to you (and if it's a pre-manufactured home, it had better be 640). Most reputable conventional lenders want at least 700-750, and you'd better have 20-30% of the purchase price ready to put down on it. Either of these routes will get you a decent rate, which is definitely what you want (otherwise you can expect to pay way too much on your mortgage.)

--

Less-than-stallar credit? You can get an FHA or VA loan down to 550... but be prepared to pay through the nose in higher mortgage rates, or get demands from them to put something like 40% down.

--

Your best (I mean absolute best) bet is to have some patience, and bring your credit rates up, and save as much as you can along the way. It will take time, but in the long run you'll make out far, far better.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.