Credit is a big factor considered by lenders when 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 you should maintain, try to keep balances less than 50% of the credit limit during the entire billing period, and 30% of credit limit seems to be a good rule of thumb. Many people think 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 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/
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