buying a house and the dreaded credit report - Home Sweet Home

Shannon Marie · 07-14-2008, 05:24 PM

So i've had ups and downs in my credit report but last time i checked it the score was 720 or something like that. Dh's is in the 600's.

I know that it isn't superb but it isn't bad either. So i'm wondernig how that effects getting a home loan? I mean, I can't imagine many people having A+ credit reports and tons of money to throw down at signing....yet people still seem to have a house. So how hard is it to get a decent home loan amount?

I have a good paying job for the area, and he's a E6 for now. We don't have a lot to put toward a down payment so we were thinking more along the line of a VA loan. *we know we're going to be stationed here for a long time. think 10 yrs or so. possibly more*

I'd ask straight out but i know prices vary so much depending on location so one man's cheap house is another man's mansion. I'm in MT and am looking at a few houses from 125,000-166,000 (i'm sure you east coasters are like

CHEAP! but here it is pretty average. not a dump not a castle)

monkeyinabarrel · 07-15-2008, 07:39 AM

i am looking into buying a home and through my limited research your credit score it not bad, I have read that anything below 600 would cause you to pay a higher interest rate, but does not mean it would disqualify you for the loan. . i am by no means an expert, but no one else answered you so i figured i would share what i knew. I think for the price of the house and your jobs you should be fine. good luck

~~Bex~~ · 07-15-2008, 08:27 AM

My recommendation if you don't have $ to put down and his credit is in the 600s.... go FHA or VA. With FHA, the only time credit matters is if you have a score below 590 and then it's not like it will prevent you from qualifying - you'll just have an ADD-on. VA is the same way, I believe. However, you have to have a lower debt-to-income ratio (DTI) and fit into some other guidelines for FHA...but both of those are good options for people who do not want to throw their entire life savings into purchasing a house. Let me know if you have other questions.

Shannon Marie · 07-15-2008, 04:01 PM

Originally Posted by monkeyinabarrel

i am looking into buying a home and through my limited research your credit score it not bad, I have read that anything below 600 would cause you to pay a higher interest rate, but does not mean it would disqualify you for the loan. . i am by no means an expert, but no one else answered you so i figured i would share what i knew. I think for the price of the house and your jobs you should be fine. good luck

Originally Posted by Bex

My recommendation if you don't have $ to put down and his credit is in the 600s.... go FHA or VA. With FHA, the only time credit matters is if you have a score below 590 and then it's not like it will prevent you from qualifying - you'll just have an ADD-on. VA is the same way, I believe. However, you have to have a lower debt-to-income ratio (DTI) and fit into some other guidelines for FHA...but both of those are good options for people who do not want to throw their entire life savings into purchasing a house. Let me know if you have other questions.

Thanks ladies! I feel much better! I'll look into it and keep you posted!

07-14-2008, 05:24 PM	#1 (permalink)
Shannon Marie Love you more Join Date: Oct 2007 Location: Tinker AFB Oklahoma City, OK Posts: 4,649 Classifieds: (0) Activity: 3% Longevity: 35%	buying a house and the dreaded credit report So i've had ups and downs in my credit report but last time i checked it the score was 720 or something like that. Dh's is in the 600's. I know that it isn't superb but it isn't bad either. So i'm wondernig how that effects getting a home loan? I mean, I can't imagine many people having A+ credit reports and tons of money to throw down at signing....yet people still seem to have a house. So how hard is it to get a decent home loan amount? I have a good paying job for the area, and he's a E6 for now. We don't have a lot to put toward a down payment so we were thinking more along the line of a VA loan. we know we're going to be stationed here for a long time. think 10 yrs or so. possibly more I'd ask straight out but i know prices vary so much depending on location so one man's cheap house is another man's mansion. I'm in MT and am looking at a few houses from 125,000-166,000 (i'm sure you east coasters are like CHEAP! but here it is pretty average. not a dump not a castle) __________________ DJRx2= my life, my world, my everything

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07-15-2008, 07:39 AM	#2 (permalink)
monkeyinabarrel Senior Member Join Date: Mar 2008 Location: me-Central PA, him- VT Posts: 2,331 Classifieds: (0) Activity: 0% Longevity: 27%	i am looking into buying a home and through my limited research your credit score it not bad, I have read that anything below 600 would cause you to pay a higher interest rate, but does not mean it would disqualify you for the loan. . i am by no means an expert, but no one else answered you so i figured i would share what i knew. I think for the price of the house and your jobs you should be fine. good luck

07-15-2008, 08:27 AM	#3 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	My recommendation if you don't have $ to put down and his credit is in the 600s.... go FHA or VA. With FHA, the only time credit matters is if you have a score below 590 and then it's not like it will prevent you from qualifying - you'll just have an ADD-on. VA is the same way, I believe. However, you have to have a lower debt-to-income ratio (DTI) and fit into some other guidelines for FHA...but both of those are good options for people who do not want to throw their entire life savings into purchasing a house. Let me know if you have other questions.