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Credit Score For Buying A Home

What is the needed credit score to buy a home? -

Cutting credit score vary for each type of loan.  For the VA home loan, you need atleast a 620, however, my lenders are able to make loans work if the credit score is lower.  This all depends on your income, payment history and how much debt you have.  USDA loans, conventional and FHA loans are all different.

Revolving accounts and their impact on your credit... -

Revolving accounts can be good for your credit score, however, they can be very bad as well.  Revolving accounts can hurt your score if there are too high taking up too much of your income.  They can be good if you keep the balance low, and pay it off every couple months.  Many people are told to get a credit card to help improve your credit score.  This is meant for people who are able to use the credit card with ease.  Meaning, if you use it for gas only and pay it off every month.  Or maybe use the card for groceries, etc - again, paying it off every month.  The credit bureau does not recommend getting a credit card just to rack up a huge debt that you can't pay off and keep the balance low.  This will impact your credit completely different.

Limited credit, now what? - 

Limited credit is common is young men and women who are just starting out.  Limited credit doesn't mean you have bad credit, just that you don't have alot of accounts opened up in your name with a long enough credit history.  My lender works with these cases all of the time.  There are many other contributing factors that help a loan get approved.  

Call me today at 910-750-6793, so I can get you in touch with a great lender.  Let's start working together today, to close on your dream home soon!

If your credit scores are low, don't worry.. Unlike Navy Fed and USAA, my lenders will work with you in a program to re-work your credit.  This program gives you the direction to get your score up and ready to buy a home very quickly.. I have seen this done in as little as 1 month.

 

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