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
Cnasg

0 Contributions
0 People Helped
Needing down payment advice.
My credit is currently 639, its gone up a bit in the last year with my wife's help cleaning it up and making timely payments and such. I know that 640 is the idea credit score for a home loan but what is the idea down payment? This will be our first house and i know first time home buyers have options... can I please get some advice. Thanks!

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2052 Contributions
3177 People Helped

You should have 20% down payment so you do not have to pay PMI

You should also have 3 to 6 months living exp in a savings account. 

and on top of that you payment should not be more than 25% of your take home pay. 

Top Contributor
7816 Contributions
1456 People Helped

Remember, most mortgage lenders use a version of FICO scores, not the scores that you get here. That said, check your FICO scores, they can be very different than what you get here.

Results 1-2 of 2Results 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.