Can i buy a $80,000 house with a fico score of 628 and a credit score of 663 and around $3,000 down payment.?
I will have all my credit cards paid off within 2 months...about a week before i decide on the house...and im 21 yrs old....the only bills ill have then are car note and college loan
Public Comments
- yup.
- with the economy this ba am pretty sure ucan get a house easy
- Possibly... You have 3 credit scores, which are the same as fico scores, so I'm not sure what you meant by that, but I'm assuming that you got 2 of your credit scores, or maybe one of your fico scores and some site gave you an averaged credit score from the three. The downpayment is not ideal, but it will be enough if you can manage to get an FHA loan or something similar. Most conventional loans will want at LEAST 10% down, if not 20%, but an FHA loan (or some other assistance) will get you in at 3.5%. Do you have the $3,000 on you now? If so, you may want to pay off as much of the credit cards as you safely can NOW, and start saving that money back again. The interest rates on most credit card debts is pretty horrid, and it will also improve your score to have that debt off now rather than later. Is the $3,000 all that you will have? You will want to have some extra funds set aside for rainy day money, if possible. You also might need to worry about closing costs, on top of down payment. Finally, how much do you make? A mortgage lender will be unlikely to approve you for a $77k loan unless that is < 3-3 1/2 times your income, so hopefully you are making at least $26k a year. Good luck with your purchase!
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