LUXURY REAL ESTATE IN ATLANTA
The higher your credit score, the lower your monthly payments. If your credit score is “Below 660 or 680, you’re either going to have to pay sizable fees or a higher down payment,” says Barry Zigas, housing policy director for the Consumer Federation of America.
On the other end, a score of 700 to 720 will get you a good deal and 750 and above will garner the best rates on the market.
Improve your chances by pulling your credit reports and ensuring you are not being unfairly penalized for old, paid or settled debts.
Depending on your credit and financing, you will typically need to save enough money for a down payment — somewhere between 3 and 20 percent of the home’s price.
To get an FHA loan, you need a credit score of 580 or higher.
Another cash expense: closing costs. Whatever your loan source, you will also need money to pay closing costs. For a $200,000 mortgage, closing costs run (depending on where you live) from $2,300 to $4,000.
Improve your chances by banking your own money and seeking down payment assistance. In a buyer’s market, you can also negotiate to have the seller pay a portion of the closing costs.
Please see the below Down Payment Assistant programs: