What Credit Score Do Home Buyers Need?

Few things are as misunderstood in the mortgage qualification process as credit scores. Peoples Choice Mortgage CEO, David Fasano Sr., is here to help demystify FICO scores and home loan applications for first-time home buyers. Many people want to stop renting and become homeowners, but they disqualify themselves from qualifying for a mortgage. They assume they will never qualify because of down payments or credit scores. Listen to David as he explains why you do not need perfect credit to buy a house or qualify for a mortgage.

Many Mortgage Products Don’t Require Perfect Credit

Every lender has their own ideal client and has their own requirements for its mortgage applicants. Some lenders are much more likely to accept applicants with FICO scores of less than 700. Working with mortgage brokers like Peoples Choice Mortgage gives you access to hundreds of lenders, all with their own unique lending profiles. Do not assume your credit score is not good enough before you meet with a true mortgage professional.

Additionally, many government-backed loan programs were designed to increase access to homeownership, which means that they have minimal credit requirements. FHA loans for first-time home buyers and VA loans for members of the armed services, are two government-backed mortgage programs open to home buyers with credit scores in the 600s. Each of these programs have their own unique requirements, but offer considerable advantages for those who qualify.

How Does Your Credit Score Stack Up?

If you want to buy a house, but do not know if your credit score is good enough to qualify for a mortgage, contact us. The professional mortgage brokers at Peoples Choice Mortgage will give you a complimentary mortgage qualifier to see where you stand and which home loan products might work best for you. Do not disqualify yourself from applying for a mortgage before you watch David’s video or before you speak with one of our mortgage professionals.