Credit Repair

716 Credit Score – Credit scores in during mortgage process

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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.

Read more https://gustancho.com/credit-scores-in-mortgage-application-process

* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays.

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All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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3 Comments

  1. SaMarie
    July 27, 2021 at 4:29 am

    I am worried about the credit check before closing. I got my final approval and clear to close. I did not do anything during the mortgage process like open up any new accounts . Before I applied for the house I brought a car months prior to. Right after I received my “clear to close” my car loan popped up on my credit. Will this stop my closing? I am also closing with a conventional loan.

  2. Andrea Brown
    July 27, 2021 at 4:29 am

    This was good information!

  3. Javier Sanchez
    July 27, 2021 at 4:29 am

    My wife is currently in the underwriting process for a 30 year. Will it help if I add her to my onlinr savings where I currently have 15k saved?