James Gay, Vice President – Loan Officer of State Bank Mortgage, is here today to share his expert lending advice. We’ll go over a few things buyers need to know about credit scores, credit reports, and more.
People often ask me what they need to do to get qualified for a loan. Today, James Gay, Vice President – Loan Officer of State Bank Mortgage, is here to share his expert advice.
In order to qualify for an FHA, USDA, VA, or conventional loan, you need a credit score of at least 620. The better your credit score is, the better interest rate you can get.
The good news is you won’t hurt your credit score by having multiple lenders pull your credit. Over the past eight years, laws were passed to encourage buyers to make sure they are getting the best deal. You can check your score multiple times in order to make sure you’re getting the best rate and terms.
Pulling your credit report multiple times won’t affect your credit score.
If your credit score is just shy of 620 or you want to improve your credit score before buying a home, there are a few things you can do. Just paying down a credit card can help some buyers make the 620 mark. However, it really depends on your situation. If all you have to do is pay down one card, it may take a few weeks for your credit report to improve. If you have a collection or debt you weren’t aware of, it may take a few months to repair your credit.
If you have any other questions for James, you can contact him directly at 706-821-6080 or email@example.com. As always, if you have any questions about the home buying or selling process, just give us a call or send us an email. We would be happy to help you!