What Credit Score is Needed to Buy a House Quotes in GA
What Credit Score is Needed to Buy a House in Georgia
Buying a home in Georgia is not something you can do overnight. There is a lot of work entailed in the home buying process. You not only have to find the perfect home for you and your family, but you also have to find the right mortgage loan.
There are various factors that a lender looks at to decide what kind of rates you’re eligible for, and if they should sanction the loan for you. For example, they will take a look at your income, debt, savings, and also your credit score to decide if they should approve or reject your application. Before you even start the house hunting process, it may be a good idea to take a look at where you standing, and see if there is anything you can do to improve your score.
It’s a pretty thought of what credit score is needed to buy a house in Georgia. The good and bad news is that there is no fixed or minimum credit score to meet for buying a home as it depends on various factors.
Different loans have different requirements. Freddie Mac and Fannie Mac backed loans have a minimal credit score requirement of 620, while FHA loans have the lowest credit score eligibility at 580. If you have less than perfect credit, don’t worry, many providers are able to look at other factors in addition to your score, to determine how risky it will be for them to approve a loan. It should be noted though that credit guidelines tend to fluctuate during recessions, and lenders tend to tighten their loan requirements during a dropped economy.
Give us a call today and let us review your situation together. Whether you are in tip top shape, or need a little bit of time to increase your score, we can help point in the right direction.
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