Published by Craig on 18 Jun 2009 at 09:46 am
Credit Report Scores Impact Purchase of My First Boise Home Loan
For Boise first time home buyers, the credit report is the most basic and essential parts of the home purchasing process. There is much hype all over the Internet and tv regarding credit reports and their related scores. Most of the companies want you to sign up for a monthly service which, I feel, is not necessary.
What a Boise first time home buyer needs is a trusted loan advisor to give them good advice and not waste their time. If a first time home buyer is thinking of purchasing a home in the next 12 months, they should start interviewing loan consultants and have their credit checked now. This will give a buyer plenty of time to deal with any credit issues, many they are not aware of.
All credit reporting agencies gather their information through 3 credit bureaus: Transunion, Equifax, and Experian. The companies that issue credit to consumers (such as VISA and MasterCard) all give this information to these credit bureaus. Each bureau has a scoring system and assigns a number ranging anywhere form 400 to 800.
All credit reports consist of 3 scores and the credit is qualified on the middle score. Most first time home buyers usually qualify for a FHA loan, which requires a 620 mid score. If your middle score is less then 620, you will have some work to do.
If a First Time Home Buyer’s scores are low, they will need to take a step back from the home loan process and seek credit counseling. There is a company in Boise called Point Gain. They help consumers repair credit and get potential first time home buyers back on track. Nathan or Kellie can answer all of your credit questions. Their number is 208-853-0550 or you can click on Kellie’s credit Blog
Craig Ballhagen-Guild Mortgage,-Boise-208-713-3309-
To learn more about Guild Mortgage and myself please visit my other site.
I am hungry for first time home buyer feedback. Help me improve this blog for future readers-thanks
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My First Boise Home' is a Resource of Idaho First Time Buyers | My First Time Buyer Home Loan in Boise on 12 Jul 2009 at 10:23 am #
[...] and the qualifying process. Future home buyers also need to have a good understanding of how credit scores impact a home purchase and how a consumer can fix many incorrect credit [...]