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What kind of credit score do I need to buy a home?

Most loan programs require a FICO score of 620 or better. The higher the middle credit score, the lower down payment requirement and better interest rate to the borrower. Credit scores of 700+ are considered excellent scores and will qualify for the best loan programs available in the market.

What is a FICO score?

It is a credit score which is a result of a complex algorithm, that takes into account how much credit you have available, the # of late payments, # of closed accounts by lenders, etc. There are 3 credit bureaus that calculate this score based on their own collected data, which in turn may result…

What is a short sale?

A short sale takes place when the home value is lesser than what is owed to the bank. (In other words, the property is upside down). It is called a “Short Sale” because the payoff to the lender will be less than the mortgage owed, hence the seller will be short on his payment. In…

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