Kentucky First Time Home Buyer Programs For Home Mortgage Loans

What your credit score means for your mortgage: Does your credit score affect getting a mortgage? It sure does. Here’s how and what to do about it. When it comes to buying a house, your credit score is a lot like your old SAT score. A high one is a distinct advantage. A mediocre one isn’t the end of the world, because other factors matter too. But a very low score? Well … that’s a little harder to overcome. You might need a do-over. Here's the deal: your credit score—specifically your FICO score —is basically an assessment of how you handle debt. It tells lenders how dependable you’ll be at paying back a loan. That means your score can determine whether you’ll qualify for a mortgage at all, as well as which loan options might be available to you. And once you do qualify, it usually affects your interest rate, which determines how much you’ll pay over the life of your loan. Which for most of us means the next 30 years. Lastly, it can also affect the fees associated with your ...

😳😲👎👎👎👎👎 These tips will keep you on the right track both during the prequalification phase and right before the loan process begins. Do not apply for new credit It’s not uncommon to get invitations to apply for lines of credit.  Just don’t respond to these offers ­ no matter how good it sounds.  Why?  If you do apply for new credit, the creditor will pull your credit.  This inquiry can potentially lower your credit score. Also, do not apply for new lines of credit for furniture, appliances, computers or similar items INCLUDING offers for “no payments for 6 months.” Do not max out credit accounts Running up your credit card balances is one of the fastest ways to bring your credit score down.  Once you begin the loan process, try to keep your credit cards well below the available credit limit during your billing cycle. Do not close out credit cards  If you close out accounts, it can change your ratio of debt to a...