Mortgage Tips for First Time Home Buyers: Why Credit Score Matters
Getting mortgage tips for first time home buyers and talking credit with Patrick Storch of The Mortgage Firm Tampa.
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So you've just graduated from college, got a great job, and live in a city you want to stay in... What are your first steps to buying a home in terms of getting a mortgage?
According to Patrick, recent college grads may be able to step into home ownership sooner than they think and qualify for a mortgage. In some instances, education can substitute for being on the job for a few years.
Credit score REALLY matters for anyone who wants to qualify for a home loan. Lenders look at your debt-to-income ratio (how much income and debt you have), credit score, and assets.
Some first time home buyer programs only require a 3% down payment.
The higher your credit score, the better it is for a mortgage loan interest rate and qualifying.
How to establish credit?
-Get a couple credit cards (2 max)
-Don't max out credit cards, pay them off monthly
-Always pay bills on time (credit cards, debt, utilities, phone bill)
Your Mortgage Credit Report is then pulled by lenders like Patrick. 580 credit score typically the lowest you can have to qualify for a mortgage, but ideally your credit score should be 700+.
The Mortgage Firm Tampa / Patrick Storch
Call or apply online. 📲 813-616-8844 🖥
8471 West Linebaugh Ave.
Tampa, FL 33625
Monday - Friday: 8:30AM - 5:30PM
Evenings & Weekends: By Appointment
NMLS # 189233 | 228635
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Melanie is a Tampa Bay area Realtor with Smith & Associates. She loves Tampa Bay area area, houses, and helping clients buy and sell real estate. She can be reached at 813-368-6084 or firstname.lastname@example.org
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