BENEFITS OF A HOME GYM Exercise is a key part of staying healthy. Every aspect of our lives are impacted by our health, so doing the little things to ensure you stay in shape aids in your
Do You Have What It Takes To Qualify For A Home Loan
Do you have what it takes to qualify for a Home Loan?
The only way to know if you truly qualify for a home loan is to go through the loan application process with a MORTGAGE LENDER.
It largely doesn't matter what Credit Karma says, the fact that Macy's upped your limit 500 bucks, a car dealership recently let you purchase a new car.... I think you get my drift....
Certain aspects of your credit history will weight differently depending on which industry you are trying to get a loan for. Thus making the home loan industry very specific on what they individually deem important in verifying the AMOUNT and LOAN TYPE you are eligible for.
Good payment history from other industries are a necessity to be approved for a home loan, but not the end all, be all.
Higher Credit Scores = Lower Interest Rates ðŸ‘ŒðŸ¤“
Lower Interest Rates= Less Of Your Money You Are Giving Away!!
The minimum credit score required VARIES depending on the loan type you choose.
FHA LOAN Minimum Credit Score- 580
Down Payment Required- 3.5%
*NOT ONLY for FIRST TIME HOME BUYERS, although commonly used by first time home buyers due to low down payment amount
Conventional Loan Minimum Credit Score- 620
Down Payment Required- 5-20%
*a higher credit score may be required to qualify for less then 20% down
VA LOAN Minimum Credit Score- 620
Down Payment Required- 0%
*must be a member of the service, veteran or eligible surviving spouse
USDA LOAN Minimum Credit Score- 620
Down Payment Required- 0%
*Must purchase home in eligible rural area. Use this link as an address checker. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Jumbo Loan Minimum Credit Score-660-680
Down Payment Required- 20%
*used for any loan exceeding $417,000
My mortgage lender is happy to help walk you through the mortgage application process, to see if you are currently qualified for a home loan. It can all be done online and is painless. Your prequalified letter is good for 90 days. You can get an updated letter, when need be, without negatively affecting your credit.
I STRONGLY recommend going through the loan application process SOONER rather than later- even if you are a year or so out. You don't won't things to come up last minute.
Although it may be intimidating to get started, I promise you, getting everything out on the table and seeing EXACTLY what you are dealing with and where you are at on the pre approval process, is empowering as a home buyer and as a person! :)
For some, including myself, once you get the FACTS regarding your pre approval, it will feel like a weight has been lifted off of your shoulders! You can deal with anything once you know what exactly you are up against. :)
If after the loan application your credit score proves to be too low for the home loan you desire, don't worry. I now provide FREE CREDIT REPAIR for my clients. Contact me for more information, I am always here to help.
I am here to help!