First Time Home Buyers - FICO score should be determined early on in the buying process. This is an important step in the home buying process. By understanding your FICO score and obtaining a pre-approval letter from a lender will greatly enhance your chances of obtaining loan approval...Your lender will then determine your maximum loan amount … or your buying power! A reputable lender will do a preliminary credit check and review the automated underwriting systems for conditions prior to determining your buying power. Your estimated loan amount will be computed based on your credit worthiness. As a first time home buyer you should talk to a lender or search online for your FICO credit score. Many lenders have lowered the threshold for First Time Home Buyers - FICO credit scores from a year ago….Now you may be able to qualify for a mortgage loan with a lower credit score. Many potential buyers believe they need near-perfect credit scores to get a home. However, a large … [Read more...]
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