There are several factors that lenders look at that affect your ability to get a mortgage. Your credit score being an important one.
Here’s a breakdown of credit scores and how likely you would be to get approved for a mortgage for each.
🔸740–850: Excellent credit – easy credit approvals and the best interest rates.
🔸670–740: Good credit – typically approved and offered good interest rates.
🔸620–670: Acceptable credit – typically approved at higher interest rates.
🔸580–620: Subprime credit – It’s possible to get a mortgage, but not guaranteed. Terms will probably be unfavorable.
🔸300–580: Poor credit – little to no chance of getting a mortgage, you will have to take steps to improve your credit score before being approved.
There are always case-by-case scenarios, so don’t let your credit score discourage you from buying a home. Work with your realtor (Me😊) on a realistic game plan to ensure you’re making the best choice for your unique situation.
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