Be prepared for Lenders to ask you what your credit score is before applying for a home loan.  It is important that you know what shape your credit is in because the amount you pay for your loan (or interest rate) will be heavily dependent on your credit score.  It is possible to obtain a mortgage even if your credit score is in the low 500’s.  However, beware that you will have to prove enough monthly income to pay for your currently debts plus the new mortgage payment.  Due to the volatility in today's mortgage market, 100% financing is no longer available so be prepared to have at least 3% set aside for a down payment and the rate will be higher than rates you may have seen in the past.    

Anything in the 720 and above range is considered excellent credit and will obtain you a better than average interest rate with 100% financing available without a problem.  

Know how your credit score works

Your credit score predicts your propensity to repay your debts.  There are several factors that make up your credit score.  Among those are: your ability to make payments on time, your balance to available credit ratios, the length of time your accounts have been open, whether you have had any reported collections, bankruptcies, foreclosures or tax liens as well as other factors.  Income is not factored into the credit score equation.

In order to obtain a tri-merged credit report and be able to see your credit scores, visit www.myfico.com.  You will receive a complete report of credit activity involving your credit report from all three credit bureaus plus credit scores.  There is a charge through “myfico” for this report. 

Your credit score will not be affected by requesting your own credit report yourself.  In fact, if you plan on using a credit repair service, we suggest pulling from www.myfico.com so both the credit history plus the credit scores can be reviewed.  That way you have a baseline to compare to after credit repair has worked on your credit score.  You can also obtain a free credit report once a year without scores by visiting www.annualcreditreport.com

I will work with you if you are in need of credit repair before you can purchase a home.  It is my goal as well as it is yours to position you for the best possible loan scenario.  However, if speed is your concern, then we will find a lender that will work with your financial situation. 

If you are looking for the best and most expedited way possible to improve your loan situation, then call me today.  I will reimburse you up to 6 months of credit repair at closing of your loan.  This is worth up to $474.00

INTERESTED IN IMPROVING YOUR CREDIT SCORE
CALL 702-271-1274
TO GET STARTED