Wyckoff Best Real Estate Agent Stephanie Knight Realtor

Wyckoff NJ Real Estate Agent, Broker, Real Estate Instructor, Author

High Mountain Golf Club Franklin Lakes NJ

Credit Report and Your Credit Scoring!

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.

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
620-679	Fair Credit
580-619	Marginal Credit
Below 580	Poor Credit

A 580 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 3 months to 6 months. First Time homebuyers works with a great credit counselor, Bob Price, who can help you fix your credit and improve your scores. You can contact Bob at 866-742-2198 for a consultation or you can email him at Bob@themortgagepro.org. There are no fees for this consultation and credit plan.

Finally, I had bad credit 5 years ago with a 520 score, Ouch!, but I worked hard at fixing my credit and I improved my credit score to 720+ by using the same strategies and techniques you will learn. I just helped Christy in Houston raise her score from 439 to 625 and now she has a great mortgage rate and low payment on a beautiful new home and a check from IRS.

Contact Bob Price at 866-742-2198 for a phone consultation or email Bob@TheMortgagePro.org regarding your credit situation and find out which loan programs and the finance option available for you.