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Anyone bought a house in the past couple years?

we haven't bought a house in 7 years and are thinking about moving and I know the rules have changed since we bought. Do you know what a reasonable down payment and credit score needed is? Was it fairly easy to buy or did they freak over every single late payment in the last 7 years?

 
Mel_in_PHX

Asked by Mel_in_PHX at 11:25 AM on May. 18, 2011 in Money & Work

Level 19 (6,704 Credits)
This question is closed.
Answers (6)
  • its actually pretty tough right now usually need 3.5% down, credit score better than 640, and they do screen everything i mean everything, people told me that they are asking for info that they never had before and are going over your back ground with a fine tooth.
    ChanQ

    Answer by ChanQ at 3:28 PM on May. 18, 2011

  • We bought a forecloser home and it was easy. We put a bid in on it and got a $30K home for $12K. It needed some work, which has turned into us doing a complete reno but you can't beat the price.  There are also a lot of homes that don't need that much work.  Try http://www.bidselect.com/ to see if there are listings in your area.

    scout_mom

    Answer by scout_mom at 11:28 AM on May. 18, 2011

  • we JUST sold our house and are looking now - we are opting not to go through for short sales or forclosures because they "can be' a pain and we don't have that much time or a place to stay because it does take longer
    We are doing an FHA loan on a 200k house which is 7k down for a 30 year - our credit scores are 750 to 806 so I guess I didn't really have to think about that one so I can't be certain what they need to be. I wish you the best of luck!
    maxsmom11807

    Answer by maxsmom11807 at 11:31 AM on May. 18, 2011

  • Me & DH are wanting to buy our first home.. REALLY BAD! We are living with my mom are so past wanting to get out. lol. But before we even contact anyone we want to save up about 5k-10k... Which is like pulling teeth! every time we get 1k in the bank something happens and we need that money.
    MommaTasha1003

    Answer by MommaTasha1003 at 11:53 AM on May. 18, 2011

  • If you've pre-qualified you are good to go, interest rates are low but getting a loan is the tough part.
    tasches

    Answer by tasches at 4:41 PM on May. 18, 2011

  • 3.5 is about what I expected and a 640 score isn't a problem. thanks for the input ladies....
    Mel_in_PHX

    Comment by Mel_in_PHX (original poster) at 6:16 PM on May. 18, 2011

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