The Marquee Loop: Mortgage Myths, Credit
The Marquee Loop:
Mortgage Myths: Separating the fact from fiction
The Myth: You need great credit to obtain a mortgage
The Fact: FALSE, while having a certain credit score impacts your home loan options, there are ways to obtain a mortgage with a low credit score. Such as:
- FHA Loan: Most First time buyers should consider this option because it allows lenders to issue these loans with a lower credit score. In some cases, FHA will approve loans down to a 500 credit score
- VA Loan: credit score can be as low as 580
- Conventional Loan: minimum credit must be at least 620
We are experts at helping borrowers improve their credit score free of charge charge. Contact one of our Loan Officers for further details and follow our Blog weekly to gain more insights on Mortgage Myths.
*Marquee Mortgage LLC, is an independent, full service broker specializing in purchase money loans, refinances and creative lending solutions.