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Math Question/If you know the answer please just answer it. What do your credit score have to be to get a mortage for a house?

What is 20% of 100,000 and 30%
What is 20% of 200,000 and 30%

Math is not my best subject no need for bashing just needs to know.

Answer Question
 
mamaofficer

Asked by mamaofficer at 4:02 PM on Jun. 10, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (11)
  • 20% and 30% of 100,000 is 20,000 and 30,000

    of 200,000 is 40,000 and 60,000

    Not sure of the credit score, but the better it is, the lower interest is what I've heard.
    Kiwismommy19

    Answer by Kiwismommy19 at 4:04 PM on Jun. 10, 2010

  • The credit score necessary depends on the lending instution. There is no one right answer.


    In math of means times or multiplication 10% means .10 (like 10 cents). So 20% of $100,000 = 0.20 X 100,00 = 20,000.

    Gailll

    Answer by Gailll at 4:06 PM on Jun. 10, 2010

  • If you are thinking of buying a home there are government downpayment assistance grants. They are handled by an agency in your county and are usually for first time homebuyers (that includes people that haven't bought a home in 3 years, usually). What they typically do is match what you have for a downpayment 3:1. Say you have $5,000, they will provide $15,000 toward the downpayment and will often pay a lot of the other fees like closing costs.


    My son bought a house with $1000, a downpayment assistance grant paid $3000 and all the other costs. The first housepayment wasn't due for almost 2 months. He bought a 2 bedroom, newly remodled home with a pool and large fenced yard in central Tucson. Go to google and type in downpayment assistance program and the name of your city or county.

    Gailll

    Answer by Gailll at 4:12 PM on Jun. 10, 2010

  • Thank you
    mamaofficer

    Answer by mamaofficer at 4:15 PM on Jun. 10, 2010

  • More on house buying.


    You don't have to have 20% down. If the seller is motivated you can get a loan through normal sources and pay much less. My son's loan with the low down payment was through a credit union. He had an ok credit score but several credit cards that were almost maxed out. The house he got wasn't forclosed. We looked at forclosed homes but they usually don't have applicances and are damaged. For downpayment assistance programs the homes have to have appliances and can't be too damaged.


    Find a good, nice real estate person that will really help you. There are web sites that show you as soon as a house goes on the market so you can be the first ones to get to the house and make an offer. Buying a house is a big job.

    Gailll

    Answer by Gailll at 4:18 PM on Jun. 10, 2010

  • Most lenders these days want a credit score in the 700+ range. even 600's is considered poor to fair.
    Mom2Jack04

    Answer by Mom2Jack04 at 5:49 PM on Jun. 10, 2010

  • Thank u
    mamaofficer

    Answer by mamaofficer at 6:36 PM on Jun. 10, 2010

  • Our credit score was 550 and we got a loan with metlife and was a FHA loan with a 5.25 interest rate. Good Luck!!!
    Anonymous

    Answer by Anonymous at 10:55 PM on Jun. 10, 2010

  • In addition to a good credit score do you have any court judgements? Default on student loans? Paying off IRS? I have a 800 credit score and all of the old judgements I just listed (after a divorce). I can,t get a mortgage.
    Anonymous

    Answer by Anonymous at 9:04 PM on Jun. 12, 2010

  • When we were buying a home we needed a 650 in Colorado.
    Anonymous

    Answer by Anonymous at 3:59 AM on Jun. 13, 2010

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