Hello I am wondering what to do because I'm 9 points away from having a 620 credit report.
But I would really like to get started on my first home buying RIDE.
Should I just wait a couple more months to buy or should I try to do an USDA loan?
The only thing with that is that I would not be able to get a house where my girlfriend would be comfortable with the driving distance.
Thank you
Ryan
=====ANSWERS=====
Hello Ryan,
Thank you for coming by my site and asking your questions. Congrats by the way on getting your credit scores up there.
With your scores being only 9 points away from 620 you are well on your way.
It takes time to keep your scores climbing higher.
However, with you being that close, I would not hesitate to looking into first time home buyer qualifications to find out where you stand. Sometimes the credit report done by the lenders will be different than any monitoring service you may be using.
Use the link above to find out more. Also you will find links on that page to lenders that can help you out.
Knowing your score is one thing, there is much more that needs to be done before you can get a mortgage.
The USDA loan is a great product for zero down home loans but it does have to be a home in the rural areas to qualify.
It has a low down payment requirement of just 3.5% and you will find the 30 year mortgage available at a very nice interest rate right now.
So get yourself pre-qualified for a mortgage first. That way you can find out how much home you can afford and the loan officer can even help guide you on improving your credit scores.
I wish you the best in your search for a home. There has never been a better time to buy than there is right now. House prices are low, interest rates are the lowest in over 50 years.
Just make sure you are buying a home in a market that has home values increasing rather then decreasing. Ask your realtor for this information.
I wish you the best in your home buying process. Make sure you have read over my website thoroughly since it offers loads of FREE advice on the home buying process.
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Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.
