What would you like to do?
What does your credit score need to be to Get a mortgage through USAA?
3 people found this useful
Was this answer useful?
Thanks for the feedback!
Answer . Sure, although you may have to come up with a larger down payment than someone with a credit score of 700.
Typically speaking, yes. A mortgage loan acts as an installmentloan, which if you pay on time on a regular basis, and your balancegoes down each month, it can certainly help y…our credit. That being said, just one or two MISSED mortgage payment can have ahuge negative impact on your credit score. 30% of your credit scoreis determined by your payment histories and a huge chunk of that30% is your mortgage payment. If you are talking about a REFINANCE mortgage with which youconsolidate debt, that can have a huge positive impact on yourscore because your revolving account balances drop to zero. Highbalances on revolving accounts (like credit cards) have a largenegative impact on your score. You never want to carry a balance ona credit card that is more than 50% of the credit limit. While it's true that refinancing can help you consolidate high-APRcredit card debt, and reduce the associated balances, a refinancewill likely lower your credit score in the short term. Also, youare exchanging unsecured debt with secured. If you cannot make thepayments, you are facing foreclosure or a short sale. This happenedto many folks during the 2008 subprime downturn, so be verycareful. Essentially, any time you apply for new credit, you appear as ahigher credit risk to other lenders, so your credit score will dropas a result. But long-term you'll improve your financial positionif you make timely payments on any new loans.
Answer . Sure, it just won't be at a very good interest rate.
The short answer is yes. However, there are several variables involved here. Your income level compared to your debt load is a major factor. I close loans every week where the… credit scores are lower than 580. You need to contact a mortgage expert.
It is possible to get a mortgage with a score of 603. However, theinterest rate and down payment terms may be very difficult tomanage.
How do you get your mortgage payments counted on your credit score if you are on the deed but not on the mortgage?
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
eliminates the old mortgage, otherwise no effect
Yes you can find lenders that will do this, but they will go through FHA and since FHA is now credit driven, you will get hit with a rate bump, which means you will be paying …alot higher rate than the national average.
It is highly unlikely that anyone would loan you money to buy a house with that score in this market. A score below 500 means you have some serious derogatory items on your cr…edit report and/or you haven't established enough credit history. Lenders want borrowers with a long history of good credit". Take steps to improve your credit.
Currently, it is tough to get a mortgage even with very good credit. 730 is about average so a score close to 800 has a good chance of getting approved.
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
650 and above
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he …gets a higher mortgage rate.
Someone interested in finding out about their mortgage and how their credit score is affecting it should make a meeting with their bank. One could meet with a financial adviso…r who could answer all financial questions.