Credit scores are reviewed for mortgage qualification. Best is 740 or above, although there are northeast home loan programs that go as low as 580 in some cases. If you haven’t reviewed your credit history recently, you can get a free copy of your credit report online here, but it costs money to receive the scores. For mortgage purposes, all 3 scores are reviewed: Experian, Transunion, Equifax.

Credit Score Scale (From Framework Homebuyer Seminar):

• 350 - 599 You probably won’t qualify for a mortgage.

• 600 - 680 You might qualify but will probably pay a higher interest rate and higher fees.

• 680 - plus You’re likely to qualify, and with a good interest rate and standard fees.

• 740 - plus You should get the best interest rates and the lowest fees.

What Impacts Scores?

• 35% payment history

• 30% amounts owed

• 15% length of credit history

• 10% new credit

• 10% credit mix