716 Credit Score – Credit scores in during mortgage process
716 Credit Score – How to Choose
1. Importance Of Credit Scores In Mortgage Application Process
* Credit scores in the mortgage application process are probably the second most important factor that is taken into consideration next to income by lenders.
– Low credit scores in the mortgage application process mean borrowers will not just pay higher rates but it is a factor which determines whether or not they qualify
– To qualify for a 3.5% down payment FHA loan, borrowers need a minimum credit score of 580
– The minimum credit score to qualify for a conventional loan is 620
– To qualify for a condotel unit loan, the minimum credit score is 680
— Most jumbo lenders expect borrowers to have credit scores north of 700
– FHA rates with credit scores higher scores are much lower than lower score borrowers
– Credit scores at 580 will be higher than over 640 credit scores
– Low credit scores mean higher costs
* Many times, I need to help home buyers with their credit issues prior to being able to proceed with processing and underwriting their files.
* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
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