07/07/2023
FIRST-TIME HOMEBUYER VIDEO SERIES - CREDIT
This is a big factor when it comes to applying for a mortgage. The better the credit score, the better the interest rate, the lower the mortgage insurance, and the lower the payment. One quick tip to get a good credit score is to keep your credit card balances low. Although there is no magic percentage of the credit limit that you should maintain, but certainly try to keep the balances less than 50% of the credit limit during the entire billing period, and 30% of the credit limit seems to be a good rule of thumb. Many people think that their credit may not be good enough to qualify. But, you may be able to qualify for a FHA loan with a credit score as low as 550, and a conventional loan with a credit score of at least 620.
If you are struggling to get your credit score up, give us a call and we can help.
If you’d like to see the other videos in the First-Time Homebuyer Video series, click here: https://counselmortgagegroup.com/category-first-time-homebuyers/
Remember, We Work For You, Not The Lender
Counsel Mortgage Group®, LLC
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