What is Considered a Bad Credit Score When Looking to Buy a Home?

Sydney Hahn, Loan Officer

"This question is a very common one, but it's not the best one to ask," says Sydney Hahn, Loan Officer at Cliffco Mortage Bankers.

"The better question is whether your loan officer can pull out a loan program that you can qualify for". And the next best is "How can I improve my score, good or bad."

Sydney is used to seeing all types of credit scores and financial situations, and she knows that people who don't fit the standard criteria of conventional FHA or VA programs, for instance, can still qualify under other non-conventional mortgage loans.

Yes, the risk taken on by the mortgage bank when lending money to a person who does not qualifies for typical loans is offset by a higher interest rate. But these loans can be refinanced often at a lower interest rate a few years down the road.

There are also tools to help people increase their credit score faster. This is called a "rapid rescoring", and it is a method used by home buyers under the guidance of a qualified professional, to submit specific information to the 3 main credit bureaus.

At Cliffco Mortgage Bankers, our first mission is to qualify you to get the loan you need to enter your own home. Don't hesitate to call our loan officers to discuss your situation and get sound advice.

Cliffco Mortgage Bankers is a home loan specialist located in Uniondale, NY, serving the Long Island, NY market with conventional and non-conventional loan programs.

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