How much credit for a home loan?

I am wondering how much credit I have to have in order to get a decent home loan. I only have one credit card. I pay it off on time and in full. I have spent maybe about $6,000 on it. I also had one bank loan for 800.

How much credit for a home loan?

I suggest you go to realtor.com and mortgage-net.com

There's two things - income and credit-worthiness. If you make 20K a year, there is simply no way, even with flawless credit, that you will be able to borrow $500,000 in for a home loan.

Your housing payment shouldn't exceed 36% of your monthly income. From that, you can figure out your maximum monthly payments, which will tell you how much you can borrow at today's interest rates. Is that enough to purchase a home in your area? I don't know enough to tell you, but most people are horrified at the incomes required to purchase a home in their area.

How much credit for a home loan?

It depends on your credit rating, the type of home loan you're looking for (mortgage vs home equity line of credit) and the use of the loan (purchase or refinance). You can check your own credit report on www.annualcreditreport.com

Then you can check your actual credit score, which is some number out of 850. If you have a score of 700+, you are in good standing. www.myfico.com will give you some ranges of rates based on a fico score.

The credit bureaus, experian, transunion and equifax - will give you feedback on what is giving you positive considerations and what are considered negatives on your credit report.

Good luck!

How much credit for a home loan?

It depends on your credit rating and the type of home loan you are looking for