• Do you have to pull my credit during the pre-approval stage?

  Your credit history and qualifying credit scores are as crucial to your pre-approval as your income and your assets. Having a formal pre-approval in hand when making purchase offers gives you an edge over other competing buyers because it assures the seller that you are ready and able to purchase their home. To ensure that we have done our due diligence, we can’t use a credit report from another lender. One of the main fears that our clients share with us is that too many credit inquiries may lFew readers

• Do I need good credit to buy a house?

  You do not necessarily need good credit to buy a house. Conventional loans are available for scores as low as 620 and there are FHA loans available with scores as low as 580. Some VA loans do not have a minimum score requirement at all. There are many other factors to consider beyond credit score when reviewing credit for a home purchase and you should consult a mortgage professional for a full list of requirements.Few readers

• Does my spouse’s credit score matter?

  It depends. FHA loans require that we factor in your spouse’s debts when qualifying you for a home loan. Most Conventional and Jumbo loans, including VA loans, do not have that same requirement. Our knowledgeable team members are well versed in program guidelines and will prepare you up front if your spouse’s credit is a factor in your specific loan scenario.Few readers

• What is a Credit Score?

  Your credit score is a 3 digit number that ranges between 300 and 850. The higher the number, the more established and positive your credit record is. Your score is based on a number of factors including your history of making timely payments, the number of open accounts, the amount of balances you carry in relation to your credit limits to name a few.Few readers

• Why is my credit score online different from the one on your credit report?

  Online credit reporting companies are meant to provide an ‘all purpose’ credit report. Credit scoring models vary depending upon the reason for your inquiry. For example, if you are shopping for a car, the auto dealership will run a credit report with scoring criteria that places more emphasis on your credit history as it relates to auto loans. A mortgage credit report is specific to home financing and has its own specific criteria.Few readers