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buying a home/ some credit card debit

Posted by on Feb. 20, 2010 at 1:36 PM
  • 9 Replies

 What score do you need to have to be able to buy a home?

and if you owe 1000 on a credit card can you still qualify for a morgage?

We are paying it down. Just curious if that would prevent someone from buying a home..

by on Feb. 20, 2010 at 1:36 PM
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Replies (1-9):
montessori_mama
by on Feb. 20, 2010 at 1:39 PM

It's not about how much you owe, but about your debt to income ratio.  If your credit score is on the lower side, you can still possibly qualify, just not qualify for as much.  There's a lot more that goes into it than your credit score.  Just go talk to a lender and see how much they can approve you for so you can start looking!

momof4bzN2gz
by on Feb. 20, 2010 at 1:40 PM

we are in the process of buying a house through rural develpoment and we had to pay off our 1300$ best buy credit card before we could do it

airforce_wife24
by on Feb. 20, 2010 at 1:43 PM

We just bought a home and we have $1000 that we are slowly paying off on out credit card. Like another poster said, it depends on your income to debt ratio. We only had that as a debt, and a great credit score, so we didn't really have a problem getting qualified. 

LeXisMoMMi04
by on Feb. 20, 2010 at 1:45 PM

 My fiance had 0 credit-- he owed 1000 on a credit card, and 1000 on his TV (which was on a credit card) and when we bought our house- they used him as the borrower--- and me (which i have really good credit and owe prob 1500 in credit cards) as the co-borrower, and we bought our house..

 

they really use your total income amount... and make sure you can pay the mortgage and will tell you what you qualify for... yes credit makes a big different, but not that much....

jas_momof2
by Silver Member on Feb. 20, 2010 at 1:45 PM

We had 15,000 in cc debt when we bought our home several years back...  It depends on the entire picture, not what you owe...

imthatgirl728
by on Feb. 20, 2010 at 1:49 PM

We bought our last home with 2 car payments and 18,000 in crdit debts. It's more about your debt to income ratio.

Talk to a loan officer and see what he says. do you know your credit score?

Today I can say I am PROUD to be from Massachusetts!!

Hey Mr. President....Can. You. Hear. Us. NOW!!!!!

sunshine21pa
by on Feb. 20, 2010 at 1:52 PM

I am pretty sure it is in the upper 600's. We went through classes last year to take some things off DH's credit. It was like 500 something and went up to the upper 600's. We had some car issues come up and had to put it on a credit card. But we are paying like 100 each month to it.. 

KairisMama
by Ruby Member on Feb. 20, 2010 at 2:11 PM

I bought a home with more than $1000 in debt. I have never missed a payment on anything though. DH and I have scores in the 700s, and got approved easily.

With the economic downfall now a days, a mortgage may be tougher to get approval for.

sunshine21pa
by on Feb. 20, 2010 at 7:44 PM

 bump

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