Living in a Barbie Dreamhouse may seem like an extravagant and expensive fantasy, especially when it comes to housing. Take, for instance, Airbnb’s life-size Barbie Dreamhouse rental in Malibu, a stunning pink mansion adorned with Barbie-themed decor. Although the listing is currently unavailable for bookings, fortunate guests who were able to secure a stay had the opportunity to experience a night of living like Barbie, completely free of charge.
However, if you were interested in purchasing this multi-story property, you would likely need millions of dollars and a credit score of at least 750, according to Tony Mariotti, the CEO of RubyHome, a luxury real estate company based in Malibu. A credit score in the range of 740 to 799 is considered “very good” by Experian, just one step below “exceptional.”
Although the oceanfront estate is privately owned and not actively for sale, various real estate companies have provided different estimates of its value. RubyHome estimates the value of the pink mansion to be around $10 million, whereas Zillow prices it at approximately $5.3 million, and Redfin estimates a cost of about $3.3 million.
Now, don’t fret if your credit score isn’t quite high enough to buy a property as luxurious as Barbie’s Malibu Dreamhouse. The typical credit score required to purchase a home is much lower, usually ranging between 500 and 700, according to Experian. The exact score needed depends on the type of mortgage loan and lender you choose.
For a conventional loan obtained from a bank that is not backed by a government agency, a minimum credit score of 620 is necessary, as stated by Experian. However, certain lenders may require a minimum score of 660 or higher.
Alternatively, interested buyers may consider a Federal Housing Administration (FHA) loan, which is a mortgage loan insured by the U.S. Department of Housing and Urban Development. With a credit score of 580 or higher, it’s possible to obtain an FHA mortgage with a down payment as low as 3.5% of the home’s cost. If you can make a 10% down payment, you could qualify for an FHA loan with a credit score between 500 and 579.
It’s crucial to note that all FHA loans require borrowers to pay a mortgage insurance premium, similar to private mortgage insurance on conventional loans, regardless of the down payment amount. Additionally, FHA loans have lower limits and can only be used for primary residences.
In conclusion, while living in a Barbie Dreamhouse may be a costly endeavor, the requirements for purchasing a more traditional dream home are more attainable for many individuals.
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