Saturday, January 30th, 2010

FIRST TIME HOMEBUYER TAX CREDIT.CREDIT SCORE?

tax credit score
puppylover asked:


YES IF YOU HAVE A CREDIT SCORE OF 585 HOW HARD IS IT TO GET A HOME LOAN? AROUND $100,000? I DIDN’T KNOW IF THEY LOOK ALSO THAT IF YOU ARE A FIRST TIME HOMEBUYER AND GETTING THE TAX CREDIT OF $8,000 IF THAT HELPS ON THEIR DECISION. AND IF YOU WANTED TO BORROW MORE MONEY THAN THAT HOW HARD WILL IT BE? AFTER GETTING MORTGAGE LOAN BORROW MONEY TO PAY OF SOME BILLS. THANKS!

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3 Responses to “FIRST TIME HOMEBUYER TAX CREDIT.CREDIT SCORE?”

? Says:
February 2nd, 2010 at 12:49 am

Yeah, the tax credit just help on their decision. It’s always been like that and that’s the way that it will in all likelihood stay

sassy25 Says:
February 3rd, 2010 at 12:47 am

585 is too low to qualify for a home mortgage. Minimum is a FHA loan requiring 640
No they do not look at the 8k credit since it expires 11/30/2009 and you will never find a mortgage and close on the house in 7 weeks
No you cannot borrow extra to pay other bills
You need 3.5% for down payment and 6% for closing costs.

Judy Says:
February 4th, 2010 at 9:02 am

You are too late to get the tax credit since it takes at least a month to close on a home, and that’s if you are pre-approved.

Save up for some downpayment of at least 20%.
The government will have new tax credits that will be bigger.
Perhaps 12 or 15 thousand.
Get pre-approved now and have a house picked out.
As soon as they announce this new credit – home prices will go up high again.
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