Until recently, a 620 credit score was the minimum requirement for a conventional mortgage. That’s no longer the case. Now, borrowers with lower—or even no—credit scores may qualify for conventional financing. 🏢 Why This Matters for Condo Buyers Most condos in the U.S. are not FHA approved. That used to limit options for buyers with lower credit scores. With this […]
Start with a Secured Credit Card A secured credit card requires a cash deposit (often $200–$500) that becomes your credit limit. Because it’s considered revolving credit (unlike loans, which are installment credit), it has a much stronger positive impact on your credit score. Why Revolving Credit Matters More Than Installment Loans Installment loans (car loans, personal loans, mortgages) add some […]
Subprime mortgages are for people who cannot get an FHA, VA, or Conventional mortgage.Usually their credit scores are less than 550, or they recently had a foreclosure, short sale, deed in lieu of or a bankruptcy. Subprime mortgages do not care what your credit score is. Now a person can get a sub prime mortgage with as little as 10% […]
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