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Victory Shall Be Mine | A score of 662? |
what score do i need to get a $200,000 mortgage with a 662 credit score, i ask because im only 20 i havecredit cards for over a year and all have been paid on time. my income is $30,000 year
Additional Details
and what about if i put my father as a co-signer? he |
 |
 
DR
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The only reason you have a 662 (very average) is because you are smart and pay your cards off on time. You could see a significant jump in your score if you trim down your credit cards/limits. Part of your total credit picture is your potential for debt. I don't know what your credit limits are but banks look at your credit cards as potential reasons for you to default on a loan from them. You may be considered too much of a risk to get a good rate |
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darrin_carey
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If your score is 662, you're in pretty good shape there. 680 is better.
Other factors will be your downpayment and other debt payments. Find a local bank or mortgage broker and get pre-APPROVED.
Your income puts you on the edge of being able to qualify for that large of a loan. Your down payment will play a large part. You will also have to figure on taxes & insurance.
Also look for additional incentives offered by your local city, county, state. FHA has good programs too.
Personally, I wouldn't recommend buying a house for more than 3-4 times annual income ($90-120,000) |
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Lord L
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Anything over 620 is nothing to worry about. If you can show your budget can afford it, there will be no issues. |
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Miss Mimi
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You can probaly get a loan w/ that credit score- it wouldn't be a good loan ( higher interest rate. ) It may help if your dad co-signs if he has better credit than you. What is really holding you back is your income. Making $30k a year is not enough to live comfortably and carry a $200k mortgage. It brings your monthly house payment around $1200-$1500 ( depending on the interest rate and financing the full $200K. ) Which would be over half of your monthly income. I think the key is most lenders want your mortgage payment to be about 30% ( or less ) of your income. Which brings you @ $750 a month. Another thing to watch out for are those interest only loans which get people loans that in the long run can't really afford. At first it sounds good b/c you would be a low monthly payment but later on the rates will skyrocket and you'll be required to pay interest and principal, can be double or triple of what you were originally paying. A lot of people go into foreclosure as a result. |
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kja63
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A 662 credit score isn't great. It's about average, but few lenders will give you a $200,000 mortgage on only $30,000 a year of income. You'd never survive! |
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Hoptoad City
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Just contact a ortgage company like Amerisave and tell them what to do. Take their quote and shop around with other brokers. |
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SPIFIMAN1
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Ice man is correct, you are looking at way to much house.
Most mortgage lenders look to loan 3-times you annual income at most. So you need to be looking at around $90,000.00 by yourself.
Also with nothing but credit cards, you have nothing to qualify you for a mortgage loan.
You need a good strong co-signer. |
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beauty s
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U should be OK, that score is good. I would talke to a mortgage person and see what they say.. Good luck.. |
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Ketrick Taylor
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I bought my first home almost 3 years ago. I suggest the following:
Research first time homebuyer options, your state and/or city most likely has a few options.
Find a good real estate agent and a good mortgage broker to help you through the process.
Save as much money as you can for a down payment.
Also there are tons of articles on buying a home on the web. |
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martdogg
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30,000 a year isnt enough to get a 200,000 house, you ar only 20 you should wait a while or get a cheaper house.. 200,000 loan will be a majority of your monthly income..and getting a co signer is the worst thing you could do, if you cant pay then your dad has to pay, like i said your only 20... |
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Rissa
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There are many different factors that play into a mortgage loan. Your debt to income ratio (how much money you make vs. how much money you owe each month). The status of your credit accounts, your score etc. Most banks consider anything above a 680 as a decent credit score so you are not that far off. |
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iceman
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662 in itself is a decet score... but your income is not suffiecent for that kind of mortgage amount. You would probably be approve for 125k at most.
Your 3 options.
1. Wait until your income gets to about 50k-- at least.
2. Look for a cheaper house or condo
3. Get a co-signer. See if anyone is willing to share the debt with you. Maybe your parents will help you out for a while, or maybe you have a friend or BF who wants to live with you. |
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Talk Dirty to Me =P
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im not sure but i wanna know where u work at 20 years old and making 30,000 a year. lol i make like 6,000 lol |
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travelbyosmosis
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662??? that isnt good. I dont think you can get the loan but im not sure. A good credit score is 700-850. |
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Maeve S
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Numbers man, numbers. The Guilty Bystanders have a plane, Geomancers get them a queen d'art not hearght |
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