4 reasons You Should Ignore Your Credit Score Assumptions When It Comes To Buying Your First Home...

 Today I want to give you four reasons to help you eliminate any assumptions you have when it comes to your credit scores and being able to buy your first home. 

Ellie Mae’s recent Origination Insight report shows data many who have recently purchased a home reached a credit score of over 750 at the time of their new home purchase. 

It’s important to note that the report does not state anyone who has less than a 750 credit score is not able to buy a home. It simply shows data on the percentage of people who have a 750 credit score vs the percentage of people who have less than a 750 credit score when buying a home.

You have to know if your scores are less than 640, you could have fewer options when it comes to getting a mortgage. 

Here are my four reasons you should eliminate your credit score assumptions: 

Reason #1: For conventional loans, you only need a 620 credit score.

Reason #2: For an FHA loan, some lenders will allow a 580 credit score. Some will go even lower. 

Reason #3: For USDA mortgage, a 640 credit score is required. 

Reason #4: For a VA loan, you technically don’t even need a credit score, but please know the VA isn’t lending you the money, so a lender offering you a VA loan may require a 580 or 620 credit score. 

No matter where ever you stand with your credit; you can at least have a conversation with a mortgage broker who can specifically share with you where you stand, what you have to improve, what steps you have to take, and last of all whether or not you are ready to buy a home. 

My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. My advice today is don’t let your credit score assumptions stop you from initiating contact with a mortgage professional. When you initiate contact your questions can be answered and your assumptions eliminated. 

Down below send me what you believe is your biggest hurdle when it comes to purchasing a new home. I promise you together, we will put a plan together to overcome whatever challenges you currently feel you are facing.

Today’s market requires you to have a skilled negotiator and consultant, like me, helping you and the people you care about right now. 

Call or text me with any questions that will let me separate opinion from opportunity. 

If you found value in this video and would like more information feel free to reach out to me.

Thank you for taking time out of your day to watch this video.

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