We talk a lot about credit in our business and today we wanted to share with you some of the most commonly asked questions about credit. Credit is a very important factor when it comes to buying a house. We are not credit counselors nor do we have mortgage licenses, however our work has exposed us to some principles of good credit and how that affects your ability to buy a house. Here are a few common questions:
What’s the lowest score I can have to get financing?
580 is the lowest score nearly all lenders will accept.
What score should I have to get the best interest rate?
At least 640 for a government insured loan (FHA, VA, USDA) and 680 for conventional (bank-backed) loans.
What are the biggest factors that affect my credit score?
On time payments and credit utilization/percent of credit limit used (less than 30% utilization, i.e. if you have a $1,000 credit card you should try to keep your revolving balance at $300 or less).
If you would like to talk more about credit, we would love to have a confidential conversation with you.
Congratulations to our clients & friends
841 Marshall Lake Rd
Mid-century pool home on private lake with NO HOA and a NEW ROOF!
4,200+ sq. ft. of living space plus basement. Many original built-in features and modern updates throughout.