– Your credit score will help determine your interest rate and monthly payment when you are buying a home. The higher the credit score, the lower interest rate you will likely get. You don’t need perfect credit to qualify for a home loan.
203 k rehab mortgage How to Get an FHA Limited 203K Loan for Home Repair – Not to be confused with FHA’s much more complicated 203k program, a Limited 203K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds. Dan Tharp, a mortgage loan officer at Guild Mortgage in Sacramento, believes first-time homebuyers should get all the help they can.
What credit score do you need if your debt-to-income ratio is high? Behind credit scores, the second-most important factor affecting your mortgage loan approval will be how much debt you have compared to your pre-tax income. This is known as your debt-to-income ratio, or DTI. A higher DTI and a low credit score may create approval problems.