What Should My Credit Score Be To Buy My First Home?

Knowing your credit score nowadays is crucial. More and more consumers are getting familiar with their credit reports like never before! To answer the question... "What should my credit score be to buy my first home..." there are more than one answer.

Mortgage Lenders and some Mortgage Investors are currently offering mortgages with a Credit Score as low as 590. However... Mortgage companies like CitiMortgage are not taking credit scores under 620. Just a few months ago, Lenders were offering mortgages to home buyers with a credit score of 580! I wouldn't be surprised if other Mortgage Lenders follow suit and begin increasing their Credit Score minimums.

Mortgage Lenders are wanting to take less risk and want consumers with stronger credit scores. If you don't know your credit score, talk to a Mortgage Lender and ask if they'll offer you a free copy of your credit report with your credit score to help get you ready to buy a home. If you're not ready to buy a home, but would still like to see your credit rating, visit www.AnnualCreditReport.com. This is the web site that offers the REALLY FREE Credit Report. The only thing you pay for is the, less than $10 fee, for your Credit Score (if you want to see it... which I truly recommend you do).

As a reminder, there are THREE Credit Reporting Agencies... "TransUnion," "Experian," and "Equifax." Make sure to print a copy of all three since they typically report different credit activity. AnnualCreditReport.com allows you to print your credit reports free EVERY year!

If you do not have a Mortgage Lender to talk to, feel free to contact me directly. I'll be happy to refer you to a great Loan Officer who's been in the business for years! He'll not only issue a copy of your credit report, he'll review it with you and will create a game plan to help make you a STRONG Consumer.

Val J Aranda, LREA
Direct: 210.378.5987