Credit scoring has a huge impact on a person's ability to purchase a home. Your credit score will mean the diference between a great interest rate and the home you have been looking for, or whether you will qualify at all. That is why it is so important that people know and understand credit scoring and what it takes to to get the best credit scores possible.
Most people do not know what their credit scores are and that is why it is so important for a prospective home buyer to meet with a loan officer and go over their credit report. You should have 3 credit scores and lenders focus on the middle credit score. Standard lender's guidelines today require a middle credit score of 640. One out of six people do not have a middle score that is 640 or higher. More on this later...
Stay tuned for Credit Scoring, Part II, The Five Factors of Credit Scores
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