Posted on Sep 28, 2020

The Texas Mortgage Pros

Ideas To Know If You’re Now Able To Buy A Home In Texas
Part 2

4. Your Credit Score Is More Than 500

If you have a credit score that’s not lower than 500, it’s another indication telling you that you’re financially ready to get your own home.

Aside from having enough money in your bank account and a good DTI, lenders largely take into consideration one’s credit score in terms of deciding whether a person is approved for a mortgage loan or not. The exact score needed to get approved greatly depends on the type of house and loan that you’re applying for. Generally speaking, having a credit score of 620 will get your conventional pre-approved immediately. However, there are exceptions for first-time buyers that they may get an FHA loan and get approved even with a credit score of 500.

5. The Market Is Leaning Towards Your Favor

How will you know? If the mortgage rates are showing a decline, then it’s a great indication that it’s the right time to make a home purchase.

After taking into consideration your financial capacity and stability, another important factor to look into is the market condition. Don’t forget to check the market’s interest rates. If you’ve noticed that there’s a decline in the trend, then it’s a good sign for you because it simply means that you’ll have to pay less when you apply for a house mortgage.

Another factor to look into is the home’s area – does it fall under the seller’s, or the buyer’s market?

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