Any score between 700 and 749 is typically deemed “good,” while scores from 650 to 700 are “fair.” Excellent scores are usually those over 750.
Call ABBA First Mortgage for help in improving your credit score. Although we may be able to do mortgages down to a credit score of 500, you may find it much easier to be approved for a loan with a score of 620+ and we can help you get there as quickly as possible if you’re interested. Call 910-332-0650 and ask to speak to Rich allowing him to explain the process to bring your scores up no matter what your present scores may be. There’s always HOPE. Please never give up!
So if you’re thinking about buying a house now or in the next few years, you might want to work on improving your credit score. The Federal Reserve reports that 90% of U.S. home loans taken out in the first quarter of 2019 were by home buyers with a score of at least 650, and 75% had a score higher than 700. The average credit score this year sits at 759, the report found, and only 10% of borrowers had scores under 647. FICO credit scores range from 300 to 850, and the national average is 704.
While you can likely qualify for a home loan with a rate lower than the median, a higher score typically means better interest rates and loan options. A multitude of other factors can also influence the approval process, including the cost of the home, the size of the down payment and your income. But the score is a significant factor. Remember, raising your score won’t happen overnight. Paying your bills on time and lowering credit usage are long-term habits that need to be built and cultivated. To improve your score, patience is key. The other key is to call ABBA First Mortgage and let them get to work with you and for you with their highly trained credit consulting team that will speak with you about your credit report and discuss the next steps of bringing your dreams to a reality by working with you on your credit scores, your credit history, and your future credit possibilities.