In an interview with Black Enterprise, credit and financial counselor, Will Roundtree, shares why credit is so important; the.
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One of the first things you’ll need to know if you’re starting to shop for a house is your credit score. Your credit score will determine how high or low your interest rate is, how much of a down payment you need to give and even how much a house you can buy. Plus, it’s a vital part of getting preapproved for a mortgage.
If you have a weak credit score but a high income and savings, then you are much more likely to get approved than someone with an okay credit score but bad overall financials.
Credit Score Bands. So suppose your score is 658. Your lender may treat everyone with scores in the band between 640 and 659 the same. But if you could get your score up by just two points, you would be in the 660-679 band, which might typically save you $39 a month, or $14,040 over 30 years, according to FICO.
VA Loans and Credit Score Minimums: What All Buyers Need to Know The VA doesn’t have a mimum credit score requirement, but most lenders do. Here we take a look into typical VA loan credit requirements and lender expectations.
How to Improve Your Credit Score Before Applying. Getting a mortgage with bad credit or poor credit is a highly attainable goal. Whether you’re facing a rocky credit history or a non-existent one, there are several ways to fix your credit to get on a brighter financial path. Begin by addressing your credit issues.