When you first start thinking about purchasing a home, often one of the main thought deterrents people face is...Do I even have a good enough credit score?? And if I don't, how can I improve it as soon as possible??
It may be a relief to hear that in fact, your credit score is NOT the end-all-be-all factor considered by mortgage lenders--though it is paramount in determining what you will ultimately pay in interest. A credit score of AT LEAST 660 will be sufficient to qualify you for a relatively reasonable mortgage interest rate.
However if your score is nowhere near 660, don't fret!! Breathe deep--not only are there financial programs for potential homebuyers who have credit ratings as low as 500, but other factors such as how much you have saved as well as your current level of income are no small considerations in boosting your appeal to lenders.
This week, Robin Realty's CEO & listing specialist Tiffani Robin is here to address some of the most common questions our team gets asked about qualifying to purchase a home:
-What credit score do I need to have & why?
-What is my lender going to ask me for when I apply to get pre-qualified?
-What should I look for in a lender & why?
-What does a low balance to credit limit mean & if I don't have it, how do I get it??
Watch to learn more!
ANY MORE QUESTIONS? CALL ROBIN REALTY AT #504-509-4771 TO SPEAK TO ONE OF OUR AGENTS TODAY!
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Robin Realty 504-509-4771 Covington, La. Licensed in La.