If you have questions regarding how credit scores affect a mortgagne, you are not alone. I, Jackie (a Realtor), get asked this question all the time by soon-to-be home buyers. When
Credit Score Questions I Get Asked Weekly
Dated: January 31 2023
Views: 111
If you have questions regarding how credit scores affect a mortgagne, you are not alone. I, Jackie (a Realtor), get asked this question all the time by soon-to-be home buyers. When qualifying for a mortgage, lenders will take a look at a numbe of things, including your credit score. It is a reflection of your credit history and how you have handled debt in the past making it an important metric to lenders... so, let's go over the most common questions I get regarding this topic:
*Note: There are stipulations and special cases, so for the most up-to-date and accurate information please contact a mortgage or credit professional.
1. How does my credit score affect my mortgage?
Your credit score will affect your interest rate. Essentially, the better your score, the beter your interest rate.
2. How do lenders determine my score?
Your FICO® Score is reported by three different bureaus. Lenders pull your score from each of the three major credit agencies and will use the middle score to qualify you.
3. Can we use my partner's score instead of mine?
If there are two or more borrowers on a loan, the lowest middle score among all borrowers is generally the qualifying score. The exception to this is a conventional mortgage with multiple clients being backed by Fannie Mae. In that case, they average the median scores of the borrowers on the loan.
4. What score do I need to get a mortgage?
Well, that depends on the loan type. There are lots of different programs out there and each has their own rules and regulations, but here are some of the most common loan types and their required minimum scores:
- Conventional Loans: 620+
- FHA Loans: 580+ (the "First Time Buyer" program)
- VA Loans: Technically no minimum... but plan on needing 580+
- USDA Loan: 640+
5. How do I improve my credit score?
Again, it really depends on your situation, but in most cases doing these things will help you out:
- Pay down debts
- Don't miss payments
- Spend less than 30% of your available balance on credit cards... then pay it off.
If you are in a pickle and would like to get a free credit consulation with a credit professional, I'd be happy to refer you to a few that have helped my clients in the past. Just shoot me an email at jackie.cross@exprealty.com.
Jackie Howell
Jackie helps her clients navigate the often challening waters of the home buying and selling process with clear guidance and open communication. As someone who recognizes that home buying and se....
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