Do You Know What Score Lenders Require For a Mortgage?
Are you like most first time home buyers and think you need great credit to get a loan?
You may be surprised at what you really need.
Most lenders require a 620 or higher FICO score to qualify for a home loan.
Notice we say FICO score – lenders only look at FICO score.
There are many places you can find your credit score, but there is only one place to find your FICO score, myfico.com
Find Your FICO Score
MyFico.com is run by the company that generates your FICO score from the credit reports maintained by the credit reporting agencies.
Go straight to the source and find out what your FICO score is.
Find Your Credit Report
Your FICO score is generated from the information contained in your credit reports maintained by the three credit reporting agencies – Experian, Transunion, and Equifax.
You can get copies of your credit report from each of the credit agencies simply by going to their sites and requesting a copy of your report.
You need to do this regularly to ensure the accuracy of your credit report. If mistakes have been made, you can correct them and this will raise your credit score, which can then make it cheaper to borrow money.
Request your credit reports now!
Get All Three Reports at Once!
Instead of going to each site to get your credit report, why not try going to creditreport.com where you can get all three reports for free at once!
What To Do Next?
If your credit score is at least 620, then the next step is to find the right real estate agent for you.
A great agent will be able to refer you to lenders who can pre-qualify you for a mortgage, where you can find out just how much you can afford.
An agent will also be able to show you what homes are available for that price, and great neighborhoods to look at.
Good luck on your hunt for your first home!