Ever wonder what makes lenders “say yes to the loan?”

Ever wonder what makes lenders “say yes
to the loan?”

THIS —> Your credit score.

Like it or not, your interest rate and
loan terms largely depend on the strength of your credit score. Want to hear
more? Here you go.

Credit Score Ranges

Scores range from 300 to 850. For a
conventional home loan, a credit score of 620 or higher is a strong starting
point. FHA and VA loans typically require a minimum of 580, while a USDA loan
typically requires 640 or above.

The Power of a High Score

Scores above 700 are seen as a sign of
financial responsibility and can secure the best rates and terms for your loan.
Aim to elevate your score to unlock these benefits.

Understanding the Score

Your credit score is influenced by
factors such as payment history, credit utilization, length of credit history,
credit mix, and inquiries. By managing these aspects wisely, you can positively
impact your score.

Your Credit Score…and Then Some

Lenders also consider other factors
like steady income, employment history, and a modest debt-to-income ratio.
Demonstrating financial stability is key to gaining their confidence and you
feel satisfied with your shiny new loan.

If you have any questions or want to
chat more about loan qualifications, feel free to call me.

-Megan Stultz

Call or Text 936-537-2587

Megan@Southern-Luxury.com

www.Southern-Luxury.com