Using your builder’s lender might not be the best for you

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mn

What FICO® Score Do You Need to Qualify for a Mortgage?

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.

With today’s low-interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the Q3 2019 HOME Survey by the National Association of Realtors said 63% of people believe now is a good time to buy a home. Unfortunately, fear and misinformation often hold qualified and motivated buyers back from taking the leap into homeownership.

According to the same CNBC article,

“For the first time, the average national credit score has reached 706, according to FICO®, the developer of one of the most commonly used scores by lenders.”

This is great news, as it means Americans are improving their credit scores and building toward a stronger financial future, especially after the market tumbled during the previous decade. With today’s strong economy and increasing wages, many Americans have had the opportunity to improve their credit over the past few years, driving this national average up.

Since Americans with stronger credit are now entering the housing market, we are seeing an increase in the FICO® Score Distribution of Closed Loans (see graph below):

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

But hang on – don’t forget that this does not mean you need a FICO® score over 700 to qualify for a mortgage. Here’s what Experian, the global leader in consumer and business credit reporting, says:

FHA Loan: “FHA loans are ideal for those who have less-than-perfect credit and may not be able to qualify for a conventional mortgage loan. The size of your required down payment for an FHA loan depends on the state of your credit score: If your credit score is between 500 and 579, you must put 10% down. If your credit score is 580 or above, you can put as little as 3.5% down (but you can put down more if you want to).”

Conventional Loan: “It’s possible to get approved for a conforming conventional loan with a credit score as low as 620, although some lenders may look for a score of 660 or better.”

USDA Loan“While the USDA doesn’t have a set credit score requirementmost lenders offering USDA-guaranteed mortgages require a score of at least 640.”

VA Loan: “As with income levels, lenders set their own minimum credit requirements for VA loan borrowers. Lenders are likely to check credit scores as part of their screening process, and most will set a minimum score, or cutoff, that loan applicants must exceed to be considered.”

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mnRelated topics: 62% of Buyers Are Wrong About Down Payment Needs

Bottom Line

As you can see, plenty of loans are granted to buyers with a FICO® score that is lower than the national average. If you’d like to understand the next steps to take when determining your credit score, let’s get together so you can learn more.

For a Hassle-Free consultation on Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

How Much House Can You Afford?

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN
A mortgage broker can help you quickly determine how much house you can afford.

To schedule a hassle-free phone consultation, contact DJ Riley, click here.

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN

6 Things NOT TO DO When Applying for a Mortgage

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN
Don’t make major purchases, like a new car. Consult with a mortgage broker.

To schedule a hassle-free phone consultation, contact DJ Riley, click here.

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN