A chalk up of 662? what score do i need to attain a $200,000 mortgage with a

what score do i need to attain a $200,000 mortgage with a 662 credit score, i ask because im singular 20 i havecredit cards for over a year and all have be paid on time. my income is $30,000 year

If your score is 662, you're in pretty angelic shape there. 680 is better.

Other factors will be your downpayment and other debt payments. Find a local dune or mortgage broker and get pre-APPROVED.

Your income puts you on the edge of mortal able to qualify for that large of a loan. Your down reward will play a large part. You will also hold to figure on taxes & insurance.

Also look for additional incentives offered by your local city, county, state. FHA have good programs too.

Personally, I wouldn't recommend buying a house for more than 3-4 times annual income ($90-120,000)

A 662 credit evaluation isn't great. It's about average, but few lenders will give you a $200,000 mortgage on individual $30,000 a year of income. You'd never survive!

662? that isnt good. I dont think you can draw from the loan but im not sure. A good credit score is 700-850.

im not sure but i wanna know where on earth u work at 20 years old and making 30,000 a year. lol i make close to 6,000 lol

Answers:
The individual reason you have a 662 (very average) is because you are smart and foot your cards off on time. You could see a significant kick 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 margins are but banks look at your credit cards as potential reasons for you to evasion on a loan from them. You may be considered too much of a risk to get a good rate

Just contact a ortgage company similar to Amerisave and tell them what to do. Take their quote and shop around with other brokers.

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 have a few options.

Find a good legitimate estate agent and a good mortgage broker to help you through the process.

Save as much money as you can for a down settlement.

Also there are tons of articles on buying a home on the web.

Anything over 620 is nought to worry about. If you can show your budget can afford it, in that will be no issues.

There are masses different factors that play into a mortgage loan. Your debt to income ratio (how much money you make vs. how much money you owe respectively month). The status of your credit accounts, your score etc. Most banks consider anything above a 680 as a clad credit score so you are not that far off.

662 in itself is a decet ranking... 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 get to about 50k-- at least.

2. Look for a cheaper house or condo

3. Get a co-signer. See if anyone is predisposed to share the debt with you. Maybe your parents will help you out for a while, or perchance you have a friend or BF who wants to live near you.

You can probaly get a loan w/ that credit score- it wouldn't be a well brought-up loan ( higher interest rate. ) It may help if your dad co-signs if he have better credit than you. What is really holding you back is your income. Making $30k a year is not enough to live comfortably and transport 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 have a sneaking suspicion that the key is most lenders want your mortgage payment to be in the region of 30% ( or less ) of your income. Which brings you (a) $750 a month. Another thing to keep watch on out for are those interest only loans which get nation loans that in the long run can't really afford. At first it sounds good b/c you would be a low monthly reimbursement 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 be originally paying. A lot of people go into foreclosure as a result.

Ice man is correct, you are looking at agency 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 zilch but credit cards, you have nothing to qualify you for a mortgage loan.

You inevitability a good strong co-signer.

Numbers man, numbers. The Guilty Bystanders have a plane, Geomancers get them a queen d'art not hearght

U should be OK, that win is good. I would talke to a mortgage person and see what they voice.. Good luck..

30,000 a year isnt enough to get a 200,000 house, you ar just 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 article you could do, if you cant pay then your dad have to pay, like i said your lone 20...