September 9th, 2011
Credit Karma Answers: How do I build credit to buy a house?
Ready to take the plunge into becoming a homeowner? Make sure your credit is in tip-top shape first! Check out these tips, from our Credit Advisor, Justine Rivero.
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This is a great primer. Preparing your credit for home ownership is a lot of work, but most certainly worth it.
I’ve been living “debt free” like Dave Ramsey told me to. But I’m ready to move out of my apartment and buy a house. I’ve saved up plenty for a down payment, but my credit score is really lousy since I don’t have a lot of debt. (stupid system). What do you suggest? Is there another way I can prove that I’m credit worthy to the loan company?
I can boast a 741 CK score but what about a spouse’s credit score? Is it better to not put the spouse under the mortgage? Can a spouse’s credit be separate in a marriage?
When I finally began searching for a home, I plan to be financed by a FHA lender. To be approved for a FHA loan a 620 credit score is required, not 660. Plus they only require 3% down instead of the usual 20%. I have also been told that lenders are more likely to approve these loans over traditional loans becasue if the buyer fails to pay the loan it is insured by the government.