-------------------------------------------------------------------------------- I am looking to buy a house in the next year in the Maryland / DC Suburbs. Not sure if I wanted to buy a townhome or a single standing house. Looking to find out the benefits of each one. The real question is my credit, right now my scores are: MYFico.Com Experian: 626 **Sprint Bill for $246 that is being disputed from 4 years ago **A paid medical bill for $60 from 1998 that will be falling off my credit report in November 2004 **A paid Capital One Chargeoff from 2000 that was paid off and the payment history is supposed to be deleted. Equifax: 661 **Sprint Bill for $246 that is being disputed from 4 years ago **A paid Capital One Chargeoff from 2000 that was paid off and the payment history is supposed to be deleted. The system is down so I haven't been able to find out my Transunion score, but it has the same problems as the Experian file. How should I proceed? What are my chances of getting approved? and how much do you think I need to save for downpayment and closing costs. Houses in the are are running around the 200-250k range. Thanks for helping this newbie out!
Going on the mid score (which is what lenders use)being a 626 you can qualify for 100% right now(depending on income, etc) You don't have to wait if you don't want to. What you will need is 1% or so to put into escrow to start the purchase. You will need closing costs as well. Figure at least 3% (that's incl the 1% above). Unless you can get the seller to contribute toward your closing costs. Most lenders will allow the non recurring closing costs (those costs not recurring on a monthly basis, ie: interest, insurance, taxes, homeowners, etc.) to be contributed up to 6%. As far as townhouse or single family. My opinion as a realtor...buy a single family if you can afford it. Hope this helps. Best of luck to you!!!
