First time home buyer tip #13

Know how your credit score is determined. I think pretty much everyone knows that the better your credit score, the easier it is to get a mortgage and the better the interest rate you’ll get. What not everyone knows is how that credit score is actually determined. For instance, I once had a woman call me who wanted to buy a home, and had saved $2,000 for a down payment, however, she had numerous outstanding bills. She would have been better off paying off her bills and looking into an FHA loan. Read this important article to learn about how your credit score is determined.

Note that if you are currently paying your bills on time, have enough income, and can make a down payment of 3.5% you may still be able to qualify for an FHA loan without a higher credit score.

I love helping first time home buyers so if you have any questions or would like help viewing an available home please don’t hesitate to contact me at 303.887.1883 or beth@bethskinner.com.

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