UnderstandingYour Credit

UnderstandingYour Credit

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Buying a new home is an exciting timein homeowner’s life, the depressingtime is when they don’t qualify for aFHA loan or any other home loanprogram because their credit is toolow. Most lenders require you to have atleast a 620 credit score to be able toqualify and that might include having topay other fee’s to insure the lender youwon’t default, such as you might end uppaying a high interest rate.

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WHAT YOURCREDIT MEANS

Your credit score history shows lenders yourcredit worthiness and patterns. You lender ismost interested in the last two yearsspecifically. Your lender will look most likelyignore your highest and lowest scores and willuse the middle score to determine whether ornot you qualify for a FHA home loan.

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Steps to Rebuilding

Dispute any misinformation

Pay off any outstanding debts

Keep all of your accounts in good

standing for the next 8 months

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T O L E A R N M O R EFHASTREAMLINEMORTGAGE.COMLENDER HOTLINE: 888-581-5008

C L I C K H E R E

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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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INFORMATION PROVIDED BY:Justin McHood

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