Nearly 3 out of 10 Americans have a credit score of 620 or lower, and are unlikely to qualify for a conventional mortgage loan.
And the lowest mortgage rates usually go to people with credit scores of 740 or higher. According to myFICO.com, in September 2010, 47% of Americans had a credit score over 720, but as of September 2013, that number is 40.3 percent.
When you’re ready to buy a home, you want to avoid any unpleasant surprises, so it’s important to make sure your credit is in good standing.
At least 6 months before trying to purchase a home, check your credit score. Fix any mistakes, and make sure you keep paying all your bills on time. Also, don’t take out any loans or new credit before closing on your new home.
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