I want to buy a house and I need a 620 for my credit score

Submitted by beasleyfamily05 on Fri, 07/03/2009 - 13:33
Forums
Credit repair

I currently have a 589. I havnt had credit for years so i just recently got added to two of my husbands credit cards which have low balances to boost my credit score up and i just opened my own credit card. My friend recomended that i negotiate the two bad credit items off of my credit by offering them a payment in full and lower than the balance I owe. I have to move in with my mom for 6 months to be able to save money and im hoping i can get my score up to a 620 within the 6 months so i will be ready to buy a house. Do you guys think this is possible with the new open credit lines I have and trying to negotiate my balances? Please help!

The Capricorn (not verified)

Your friend is correct Beasleyfamily05, try and remove the bad items from your list to improve your credit score. The credit card that you have on your name, make sure you pay out any dues on time or else it will surely affect your credir score adversely.

I hope too that you can save money and push your score as high as 620 but I believe you need a better score than 620 to easily qualify for a home loan. All the best OP :)

Sat, 07/04/2009 - 11:05 Permalink
Anonymous (not verified)

I talked to a Lender and he said in order to qualify for a FHA HUD Loan for first time home buyers you need a 620 so thats the score i am going for. Thanks for the help i will get to work on my credit and hopefully it pays off

Sun, 07/05/2009 - 17:38 Permalink
Leo (not verified)

If you had a credit score of 620. In order to get a FHA or HUD loan do you have to buy a HUD home or does it matter what home you get?

Mon, 04/19/2010 - 02:50 Permalink
Aaron

Hi Leo,

If you take a Housing and Urban Development loan (HUD), you are not required to buy only HUD homes. You can buy any home you like. However, the home needs to meet some minimum property requirements. A property is not acceptable if:

1. It has defective construction - If the house has a defective condition, you need to mention that like leaking or worn-out roofs.. You also need to mention what kind of repairs are needed.

2. It is infested with termites - If the house is infested with wood destroying insects, you need to mention that in the "improvements section".

3. It has inadequate plumbing and electric systems - If there are any plumbing problems or electrical problems, you need to mention that under the "condition of the property" or "physical deficiencies". You need to observe if there are any open ended or frayed wires in the house.

4. It has drainage problems - This too needs to be mentioned under the "physical deficiencies".

5. It is situated at an unacceptable location - A house may get rejected if it is situated at an unacceptable location, if thee are obnoxious odors, excessive noise or offensive sights.

Thus you need to check the various other requirements for a home to be considered under the HUD loan.

Hope this helps.

Regards,

Aaron

Mon, 04/19/2010 - 11:18 Permalink
cinnamngrl

thanks Aaron.

Are you trying to say that this home needs to pass an inspection? Any mortgage requires a home inspection. the bank needs to verify that that the home value is more than superficial.

Mon, 04/19/2010 - 13:23 Permalink
Aaron

Hi cinnamngrl,

Yes, i just wanted to share some of the property requirements that should be followed before the borrower can buy a house, or rather the lender can lend the HUD loan. If the house does not meet the above mentioned standards, the lender may not be able to sell the house later in case the borrower fails to pay back the loan.

Thanks,

Aaron

Tue, 04/20/2010 - 08:10 Permalink