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Credit Report and Scoring

Buying your first home? You must check your credit report!
Ensuring the accuracy of your credit report could save you time and money. To qualify for the best home loan rates possible, be sure to correct possible inaccuracies before they interfere with your home buying plans.

 

Free Credit Report and Score!

Credit Score is King!
First time home buyers must run their own credit report with one score to get an idea if they may qualify for the best programs with the lowest rates and payment options. Do not let everybody run your credit because it will lower your score. Also, you should submit a pre-approval application to at least one mortgage lender to find out the 3 mortgage credit report scores because the mortgage credit may be different than the one you obtain online.  The middle score is the most important factor in qualifying for a loan and it is determined by dropping the low and high scores. For example, if you have credit scores of 600,640,650, the middle score is 640. You do not average the 3 scores.

What does the credit score mean?

720+ Excellent Credit
680-719 Good Credit
640-679 Fair Credit
620-639  Marginal Credit
Below 620 Poor Credit

A 620 credit score is the lowest score you can have to qualify for the first time home buyer program. There are many people whose credit scores are in the low to mid 500 range and I tell them they need to work on their credit and they should be able to buy within 6 months to one year.

Finally, I had bad credit 20 years ago with a 400 score, Ouch!, but I worked hard at fixing my credit and I improved my credit score to 720+ in recent years and now I have a great mortgage rate and low payment on a beautiful new home. Contact Gerald Tribuzio at 847-516-5743 for a phone consultation or email jtrib@firsthomebuyers.net regarding your credit situation and find out which loan programs may work for you.  

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