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FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

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Gr8tness1911
Member

FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

I just received my Clear to Close on my first house today.  USDA loan for 200,000 @ 3.5%, NO down payment and No closing cost.  I would never thought I would put myself in this position from a having a credit score of 570 in FEB 2013 to closing on my first home at the age of 25 on June 2013.  This is unbelievable

Starting Score: 576 TU MyFico 576EQ My Fico ???EX Feb 2013
Current Score: 576 TU MyFico 576EQ My Fico???
Goal Score: 720

Take the myFICO Fitness Challenge

Message 1 of 13
12 REPLIES 12
HopeThruFaith
New Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

That is awesome, congratulations!!!
Message 2 of 13
Sunshine85
Frequent Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

Your hard work paid off. Enjoy your new home! 

Message 3 of 13
stpn2me
Frequent Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

Congrats and good job!

TU - 673 EQ - 672 EX - 669 as of 13 Nov 2015
Message 4 of 13
JasonL
Established Member

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

Congratulations on closing on your first mortgage.

 

However, are we back to a time when people should be buying homes with ZERO down payment? This is what caused a lot of the problems a few years back.

 

What is wrong with saving for a few years and coming to the table with some sort of down payment? Just my 2 cents.

Message 5 of 13
blunderer
Established Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

Congratulations!!


Enjoy your new home.

Message 6 of 13
foofighter74
Established Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25


@JasonL wrote:

 

However, are we back to a time when people should be buying homes with ZERO down payment? This is what caused a lot of the problems a few years back.

 



Actually, adjustable rate mortgages that reset to payments people could no longer afford was the major issue. 

Message 7 of 13
cazz
Regular Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

congrats!!! if you dont mind me asking Im around your age and I am in the process of getting my first home. How did you get your score so high in just a few months and what is the price of the home that you closed on?

Message 8 of 13
RW771
Frequent Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

Congrats! I didn't know USDA would finance that much!?

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 9 of 13
gotideas
New Contributor

Re: FEB 13- 570 score ... June 13 - 700 score/ Cleared to Close on my first House at the Age of 25

I agree about the adjustable rates.  What also contributed was a lot of job losses.  Who can afford a house payment when you suddenly have no income.  On top of it some of the shenanigans that lenders were pulling like getting kick backs on ARMS that put buyers in a bad predicament.  Just because someone doesn't put money down on a home doesn't mean they won't pay for it or are undeserving of owning it. 

Message 10 of 13
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