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What score gives me the best deal?
What score gives me the best deal?
Your credit score ranges between 350 - 850 and plays a big role in your home buying process, it decides if you qualify or not to buy a home, what loan program do you get and your payment.
When you are looking to buy a home a mortgage lender runs your credit. You will get a credit score from 3 agencies: Experian, TransUnion and Equifax, each agency will give you a score between the 350 to 850, once you get a score, a mortgage lender will use the middle score as your score to grade your credit, if they are multiple people on the loan, they are gonna grab the middle score of the lowest person to run to grade your credit.
You must use a credit score from a Mortgage Lender and only from a Mortgage Lender. If you are getting agovernment loan, an FHA, a VA or a USDA, you want to be between 580-680 to get a good deal, if you are going Conventional, you want to be between 720-760 range to get a good deal.
So credit score plays an important role in making sure you get the right deal, the right house and the right payment. If you need more advice about it you know you can call me, I will make it simple and safe!
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