mortgage rate and credit

One of the questions I often get asked is what do I need to qualify for a home. Glad you asked! Let’s look at credit. The ideal credit score is 620 or above. However, there are circumstances where you may be eligible to purchase a home if your credit isn’t quite at 620.

If you are interested in using one of the zero down payment programs, you need at least a 640 credit score. There is some additional criteria for the program. What if you’ve had a foreclosure, bank- ruptcy, or short sale? Yes, you may still be able to purchase a home. Each one is different in terms of the length of time you need to wait to purchase a home. A lender will also look at your debt to income ratio to determine how much home you can afford. You will need to show steady income unless you are paying cash. There are a variety of loan programs available. If you are interested in finding out if you can get prequalified, contact a local real estate agent. Most real estate agents have a knowledgeable lender that can work with you.

If you are a homeowner thinking about upsizing or downsizing, this is a great time to sell a home. Homevaluesareup. Nomatteryourcircumstances from a few years ago, you are in a better position now. If you would like to know what your home is worth in today’s market, contact a local real estate agent as many will provide a free home valuation.

Lastly, the trend today is tile or laminate flooring. Non-carpet floors are preferred by many people with allergies, kids, and pets.

Source: Crystal Golden

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