In the real world, living like a Barbie can be very expensive — especially when it comes to housing.
Take, for example, the life-size Barbie Dreamhouse that Airbnb rents out in Malibu, an all-pink mansion with Barbie decor. Although the listing is no longer accepting reservations, guests who successfully check in will be able to live like a Barbie doll for one night, free.
But if you want to buy a multi-story property, you’ll likely need millions of dollars and a credit score of at least 750 to get it, Tony Mariotti, CEO of luxury real estate firm RubyHome in Malibu, told CNBC Make It.
That’s a fairly high credit score; anything between 740 and 799 is “very good,” Experian. This is one step away from “excellence”.
While the waterfront property is privately owned and not currently actively for sale, several real estate firms have given varying estimates of its value.
Ruby Home The pink mansion is worth about $10 million, Mariotti said. However, Zilo The home sells for approximately $5.3 million redfin tuna Estimate this will cost you around $3.3 million.
The credit score you need to buy your dream home
If your credit score isn’t strong enough to buy a property like Barbie’s Malibu Dreamhouse, don’t panic.
The typical score needed to buy a home is much lower, usually between 500 and 700, Experian. The exact score you need depends on the type of mortgage you want to get and the lender you choose.
According to Experian, the minimum credit score you need is 620 for a traditional loan, usually taken from a bank and not backed by a government agency. However, some lenders may require at least 660 or higher.
some potential buyers may consider FHA Loans, which are mortgages insured by the U.S. Department of Housing and Urban Development.If your credit score is 580 or higher, you may be able to Get an FHA Mortgage Down payment as low as 3.5% of home cost.
If you can make a 10% down payment, you can qualify for an FHA loan with a credit score between 500 and 579.
It is worth noting that all FHA loans require you to pay Mortgage Insurance Premium, which is similar to private mortgage insurance for traditional loans, regardless of the down payment amount.In addition, FHA loans tend to have lower limits and can only for primary residence.
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