Craig Schneider from NORCHAR Real Estate here!
Today we're going to talk about first time home buyers, our most exciting thing. And our first call is actually from Sally, from Greece. Her question is, is what is the minimum credit score you need to qualify for a new home? It does change a little bit based on actually the bank you're using. So that does have an effect on things, but there's also a bunch of compensating factors that play into it too. So we have seen people get qualified as low as 550, but the average person or average consumer is going to need to have at least a 620 to 640 credit score. So your goal is to be around 640 or up, but if you're under that, come and talk to us, talk to our mortgage professionals and they might be able to get you into an awesome home still. And with a lower credit score, we also work with some professionals that can help you get your credit score boosted up, which is always going to help in your interest rate. And you're going to be paying that over the life of the loan. So come and talk to us and we'll help you out with the rest of the steps.