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Minimum Credit Scores

Guidelines

minimum credit scores- GUIDELINES

Guidelines

All loan guidelines vary depending on the lender. Not every lender will offer the same loan programs, so it’s important to shop around to different lenders to find the one that fits your needs to best.

Guideline Examples

Since every loan program will differ depending on the lender, the guidelines may not all be the same for every loan program either. Depending on the loan type, some guidelines could include;

  • No Ratio
  • No Documents
  • Low Down Payments
  • Low Interest Rate
  • No Money Down
  • No Closing Costs
  • No Credit Requirement

Since there are so many aspects and different options available when it comes to the guidelines for all these different types of loan programs, it’s important to remember that the more you shop around and the more research you do, the better. Choosing the wrong loan program, and the wrong lender is a bad combination that could ultimately leave you paying high interest rates, or a high mortgage you really can’t afford, or you could be denied a loan altogether.

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Guidelines leaving you stressed and frustrated?

Guidelines and requirements can be frustrating and all the different options can leave you feeling confused and stressed, but its ok. It’s perfectly understandable to feel a little lost throughout the home loan process, especially since every lender is different and is going to have different requirements and guidelines. The key to a stress-less home loan process is to speak with a handful of different lenders and ask as many questions as you can and even compare their rates and guidelines to find the options, loan, and lender that best fit your needs.

Keep in Mind

Remember, the more lenders you “interview” and compare the better off you are. Talking with numerous lenders and getting as much information as you can will help significantly throughout the loan process. Try making a comparison chart and take the information the lenders give you and compare their loans, rates, and guidelines to find the lender that will most closely match your needs. It might be quite shocking to discover the differences in each lender and while some lenders may not be too happy about your request to compare, others will be more than happy to assist you in finding the best options.

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IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

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