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Question By
nathandmckay

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What credit history and score do i need to buy a house?
What credit score do I need to buy a house?

I am 21 years old. I opened my first credit card 6 months ago. I now have 3 credit cards with a combined limit of $3000. I did a hard credit pull 3 months ago and it was a 690. My simulated one now is a 712.

What kind of down payment, credit score, and credit history do i need before i can buy a house?

I have a credit union credit card and two capital one cards. What would be the next card I should apply for?

Thanks!

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no more cards

most lenders require 640 now but you can find them that will approve a 620 with 2 or 3 years at the same job with steady increasing pay

a lot of lenders require 2 years of open credit history

wait 6 mounts and see a mortgage broker bring them one of your fico scores and history so you can get a better idea of what they can do for you

the loan you will probably go foe is a fha because they only require a 3.5% down payment

if you include about 4% of the purchase price for closing cost on a 100,000 house yon need atleast  8,000$ some lenders want you to have 3 mounts of savings on top of that to cover housing expenses  if you loose your job so 10-11000 is a good starting point

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Reply by
garystidham

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keep your credit card balance under 10%

Reply by
nathandmckay

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Thanks so much for the reply! 

I was at my last job for 3 years. I have only been at this job for 6months. 

I make $400 a week salary. I have no debt. Car is payed off. No credit card debt. I buy gas and then pay it off at the end of the month.

What if i put 20% down? Would this make it possibly for me to get a loan sooner? I want to buy a house once my lease is up at my apartment in May (6months).

Also have you heard of those loans where you can put in for repairs built into the loan. Like 20k for putting a new roof on and such.

I work for a General Liscensed contractor so i was thinking buy a forclosed house and fix it up.

Trying to figure out how long I should expect before I can finance a house and what things i can do to speed it up.

Thanks!  

Reply by
nathandmckay

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I pay everything off at the end of the month and only charge like $30-100 total on all three cards a month. 

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If you cannot get a conventional loan ( You need above a 725 middle score most likely ) then try for a FHA home loan ( a 620 to 640 score is needed depending on the lender ) ( 3.5% down payment plus closing costs ).  Good Luck.

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with 20% down a person with a 590 could get a mortgage are you in the same field of work

as your last job if so you have a chance  go see a mortgage broker and they will tell what you can get in to

Reply by
nathandmckay

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No it is a completely different field. 

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