The 5Cs Rules of Credit for Mortgage Qualification
Ready for a mortgage?
Here are the basics:Loan TypeMin. Down PaymentMin. Credit ScoreMax Debt-to-IncomeConventional3%62045%Veterans Affairs (VA)0%nonenoneFederal Housing Administration (FHA)3.5%50050%USDA0%none41%
Even though having a credit score of 700 and above is considered good, 740 or higher is what can get you the best mortgage rates and the lowest insurance premiums. At Credit Repair King, we want YOU to be able to use YOUR CREDIT SCORE to get the mortgage loans that you’ve always wanted. Follow our 5Cs rule to unlock your qualification right now:
Make sure your credit card payment is done in a timely manner, aka. pay your bills on time (35% of your score)
Have a long credit history (10% of your score)
Maintain a low credit utilization ratio (aka the percentage of available credit used, 30% of your score)
Have as many credit types as possible (15% of your score)
Have as little credit report inquiries as possible ( 10% of your score)
Still wondering whether you could get a mortgage with your credit? Let Credit Repair King help you! With over 6 years of experience in credit repair service, we offer financial consultations that allow you to create healthy financial habits that will help you land that mortgage loan. Contact Credit Repair King today at (657)-217-4877 for a free consultation.