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Gloucester County, NJ First Time Home Buyer Series: Understand Your Credit Score
Gloucester County, NJ First Time Home Buyer Series: Understand Your Credit Score If you are a first time home buyer,you have no doubt come across the fact that your credit score is one of the most important factors regarding your mortgage options. With the way this country revolves around money and finances, you would think that understanding the credit scoring model would be required education. Instead year-after-year we see the same ignorance towards credit.
The basics for credit need to be understood by all. Even those with great credit scores need some background on understanding the credit scoring model.
Mortgage programs in relation to credit scores. Credit scores range from 350 - 850. The higher the credit score the better. The majority of mortgage programs today require a score of  620 or better. Some mortgage programs will allow scores below a 620 credit score, but these are limited and may not be the programs you need. Ideally you want as many options as possible, and the higher the credit score the more mortgage options you will have.
Credit scores do not always relate to lower or higher interest rates. For instance, if you choose to use an FHA mortgage to buy a home, the ... more

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