Before my husband and I make any plans to really buy a home could someone who has been through the procedure tell us what it will be like? Also, what type of credit score are they looking for in most places for anyone to be eligible for a mortgage right now? I know this all changes and since the drop in economy a few years ago I heard people need scores of almost 800 to qualify for one. Is this still true?
I know you can get FHA loans much more easily. There are some disadvantages to those loans, but they'll approve you with a 3.5 percent down payment if you have a credit score in the high 500s or low 600s. That's pretty impressive.
