Minimum Requirements To Buy A House 2015

Dated: 02/04/2015

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Minimum Requirements To Buy A House 2015

If you've been searching and scouring the internet, you might find that information regarding minimum requirements to buy a house is relatively scarce. Usually lending sites are geared toward capturing your information for salesman to pitch you, the information they provide isn't really helpful. So I've compiled this brief guide to help figure out if you meet the minimum requirements to qualify for a loan.

First, your going to need some credit, regardless of what price range your shopping in, lenders and banks have a minimum criteria they need you to meet in order for them to give you money. In the last 3 months credit restrictions have loosened and lenders are now able to write a loan with as little as a 540 credit score. Thats right, if you have a score of 540-650, you can still qualify for a loan, but your going to have to bring a little more to the table. In this credit range you are going to need between 3-5% cash to put down, so on a $200,000 home, you'll need approximately $6,000 - $10,000 to bring to closing. 

In addition to down payment, your credit report will need to be cleared of any delinquencies and all of your accounts with have to be current. If your report is clear and you have the downpayment, the next thing your going to need is proof of income, and lenders usually require you produce your previous 2 years tax returns showing steady or increasing income. 

So if your credit is less than perfect, but you have a good amount of saving and stay current on your accounts than chances are you can get into a house this year. If your credit is higher than 650, then there are programs and benefits you qualify for to help you with downpayment and closing cost assistance.

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