What type of credit do you need?

[tongyun]

Now that credit has tightened up, I'd imagine that you need really good credit in order to buy a house. Do you find that is true?

[michlele21]

because of the global crisis it is hard to get a credit to buy a house.

[Experimental]

It's hard for anyone to come up with a down payment these days. Everyone has had to use what savings they have to live daily. I was talking to one of the local doctors the other day and she said she had to dip into her retirement just to pay overhead expenses at her office. It's tough for everyone right now.

[mamabear]

IMHO, it would be better to rent a house at this point in time and save for the purchase of a new house in the future.

[macfrik]

Originally Posted by mamabear

IMHO, it would be better to rent a house at this point in time and save for the purchase of a new house in the future.

Ya I agree with you. Today its really not a game to request a loan. Better save up that money and hold that desire

[Twila Zone]

Yes, you do need to have a good credit rating and score to do anything major these days. I think I heard that your score has to be over 700 to even be considered and 750 is preferred.