In the real world, living like Barbie would be very expensive – especially when it comes to housing.
Consider, for example, Airbnb’s life-size Barbie Dreamhouse rental in Malibu, for example, an all-pink mansion decked out in Barbie decor. Although the listing is no longer accepting bookings, guests who have arranged to stay will get to spend a night as Barbie. Free of charge.
But if you want to buy a multistory property, you’ll probably need hundreds of thousands of dollars and a credit score of at least 750 to get it, Tony Mariotti, CEO of Ruby Homes, a Malibu-based luxury real estate company, tells CNBC.
This is a very high credit score; Any score between 740 and 799 qualifies as “very good.” According to the expert. It’s just one step below “extraordinary.”
Although the oceanfront property is privately owned and not actively for sale, several real estate companies have given varying estimates of what it might be worth.
Ruby Home Mariotti says the pink mansion is estimated to be worth about $10 million. however, Zillow The house is worth about $5.3 million. Redfin It is estimated to run you around $3.3 million.
The credit score you need to buy your dream home.
Don’t panic if your credit score isn’t high enough to buy a property like Barbie’s Malibu dream house.
The general score you need to buy a home is very low, usually between 500 and 700. According to the expert. The exact score you need depends on the type of mortgage loan you’re trying to get and the lender you choose.
For a conventional loan, which you’d typically get from a bank and isn’t backed by a government agency, you’ll need a minimum credit score of 620, according to Experian. However, some lenders may require a minimum of 660 or higher.
Some potential buyers may want to consider one. Federal Housing Administration The loan, which is a mortgage loan insured by the U.S. Department of Housing and Urban Development. If you have a credit score of 580 or higher, you can. Get an FHA mortgage. With a down payment of up to 3.5% of the home value.
If you can pay 10% down, you can qualify for an FHA loan with a credit score between 500 and 579.
It’s important to note that all FHA loans require you to make payments. Mortgage insurance premiumsWhich is similar to private mortgage insurance on conventional loans, regardless of the down payment amount. Additionally, FHA loans have lower limits and may be Used for primary accommodation..
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Source by [CNBC News]
