Girls who just bought/own/about to own houses....

what is your credit score range? i want to know if that really affects your chance to get a mortgage, and i would like to see how me and DH stack up.

we want to purchase within the next year or so, so we have some time to work on it!

I think our mortgage broker told us you need to be above 750 to get the best rates.

I was all proud of myself because my credit score was 798 - DH's was 815. I hate when he wins at anything!!!

We got a fixed 30 year at 4.175% and 1 point.

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Posted by FuTuRe MrS MaZz

I had a better score than DH but I believe they go by the lower/median score... our loan was based off of a low to mid 700 score... We got an FHA loan with 5.25%

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ok we can work with that lol! mine just dropped a ton, due to a clerical error with vw credit, but DHs is pretty good (and like 100 points higher than mine!)

I think mine was 802? DH was mad I beat him by a few points and he was in the high 700s...

its VERY VERY important! Fix your credit ASAP!!!!!!!!!!

ours were both in the 700s abd we got an FHA loan at 5.25.

FHA loans are as strict on the credit score as conventional loans

I've got a question for you ladies!

Last I checked (like two years ago) mine was in the mid 700s and DH's was in the mid 500s. I know his has gone up because we've taken steps to bring his up, and mine is probably the same if not better. Depending on where I get into grad school we may be looking to buy a house in a year and a half to two years. If DH's score is in the 600s by then, do you think that will really hurt us from getting a mortgage? The only places we would be willing to buy are places in the mid/southwest that we could afford on one (DH's) salary because I'll be in school and only getting a stipend. So we're talking Las Vegas, St. Louis, etc. where houses are well below 100K.

It will be harder to get a mortgage approved if your credit score is under 650.

The good news is that it's easy to raise your credit score-I raised mine by like 80 points within a year. Make sure your balances on your credit cards are low (only up to 25% of your actual credit should be used-i.e. so if you have a credit card with a $1000 limit, no more than $250 should be on it)

Also make sure you pay everything on time.

AND....make sure you save all of your paystubs, bank statements, 401k, and any other investment notices. You need to show (if I remember correctly) 3 or 6 months woth of savings. It's easier to save that all now then be scrambling to get copies of everything.

Plus they'll need your last 3 years tax returns too.

It's such a pain but it's well worth it.

I've been a homeowner for over 2 years. Let me know if you have more questions!

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Posted by geegee827

I think our mortgage broker told us you need to be above 750 to get the best rates.

I was all proud of myself because my credit score was 798 - DH's was 815. I hate when he wins at anything!!!

We got a fixed 30 year at 4.175% and 1 point.

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That's amazing!!!!

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Posted by FuTuRe MrS MaZz

I had a better score than DH but I believe they go by the lower/median score... our loan was based off of a low to mid 700 score... We got an FHA loan with 5.25%

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us too! that's exactly the same score, loan, and rate that we had!

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Posted by MirabellaNYC

It will be harder to get a mortgage approved if your credit score is under 650.

The good news is that it's easy to raise your credit score-I raised mine by like 80 points within a year. Make sure your balances on your credit cards are low (only up to 25% of your actual credit should be used-i.e. so if you have a credit card with a $1000 limit, no more than $250 should be on it)

Also make sure you pay everything on time.

AND....make sure you save all of your paystubs, bank statements, 401k, and any other investment notices. You need to show (if I remember correctly) 3 or 6 months woth of savings. It's easier to save that all now then be scrambling to get copies of everything.

Plus they'll need your last 3 years tax returns too.

It's such a pain but it's well worth it.

I've been a homeowner for over 2 years. Let me know if you have more questions!

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Thanks for the advice. We save everything so all that stuff shouldn't be an issue. Hopefully because we've paid off all of DH's debt and he actually pays things off on time now (and his credit cards have noticed by increasing his limits) his credit score will be at least 650 by this time next year. All we need to do now is save!

We both have a credit score rating of 770. I would say with everything that has happened recently with mortgages i think it will now make a big difference if wether or not you will get a loan & a good rate. Onceagain DH & I have owned for over 10 years so things have changed alot since then. But it was a big deal back then too. Just not as big as it is now.

Also remember you need to have stability. Your amount of credit & if you have new cards that have been opened that hurts your credit score. Also the mor ethings you own that you still owe alot on that also drops your score. But remember dont close any accounts either. So if you opened a new card you are better off paying it off every month & creating a stable credit line then closing it cause that will hurt you also. Its amazing the things you have to deal with. lol lol lol