What Credit Score Do You Need When Buying a Home?
You don’t have to have perfect credit to buy a home…. and over time, owning a home will actually improve your credit score assuming you are paying timely! Your credit score can be as low as 580, depending on the loan product you’re applying for. As far as the general rule, the higher your credit score, the better the loan term and better your borrowing costs and interest rate will be. Makes sense, right!
You can improve your credit score by paying down your credit cards, keep your revolving account balances below 30%, paying things like utility bills and other bills on time, and checking your credit report for inaccuracies that could be dragging your score down. We do have products for even lower credit scores with greater than 20% down and we can help you improve your credit score saving you time and money in the long run!
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For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.
Those who are feeling overwhelmed, or are Interested in learning more about loans we offer or loans approved with conditions Check out our resources here for agents or clients…We are here for YOU!