Credit mark for buying a home 641? My Credit Score is 641 I have myfico and it updates

My Credit Score is 641 I have myfico and it updates me all the time,I already own a home,and im retired.My wife still works,I recive social security with my age.I be thinking about helping my son buy a starter home 70k.My score is 641 go up I just bough a new vehicle,and im going to pay it off after i form 5 payments.You think 641 is good plenty or will we have a high intrest rate?
Bob and Mike

Hi Mike,

Generally, a credit score of 650 is suitable enough to qualify for a mortgage at a adequate rate of interest. At your score, lenders may ask for a higher rate of interest. As you are retired, you can apply for reverse mortgage program which does not require a validation of your credit score and income.

There is no need to retribution monthly installments as in any other home loan. The reverse mortgage is only salaried off when the borrower dies or when the property is sold off or vacate.

Thanks,

Mortgage Mentor
MortgageFit Community

Read some tips on credit and more on this site to help you beside it

Answer:
If you a moment ago purchased the vehicle, your scores have dropped from the inquiry's and the modern account. If it's possible at all to hold stale for a few months, you would probably see a rise in your scores and better rates.

You might check out the connect I've provided for myFICO. It is a interest rate simulator. Do a bit of playing around on it. Then you might check out the rest of the site for any other tips it may give you.

Credit Score Explained
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