Are you thinking about buying a brand new home? Congratulations!

A new home is a fantastic way to create new memories or start a new chapter in your life. Whether you are looking at homes for sale in Philadelphia or the surrounding areas, the Joseph Bograd Realtor team is here to help you through every step of the way.

There are many different aspects that go into buying a home. One of the most important things to consider when buying the home of your dreams is the state of your credit score. With different loan types, amounts, and credit score ranges, there is a plan for everyone. Take a look below to see what type of loan works best for you!

How Your Credit Score Affects Your Mortgage Loan

When you apply for a mortgage, your credit score is reviewed by mortgage lenders to determine what kind of loan you qualify for. Lenders use your FICO score to calculate different interest rates depending on your score. As of 2020, the average credit score of Pennsylvania residents who had opened new mortgage loans was 715. Here are some examples of available home loans plans:

Help! My Credit Score Is Too Low

According to Quicken Loans, it is possible to apply for a loan with a lower credit score, but it automatically makes you a risky borrower. This may seem discouraging, but there are still ways to get the loan you need:

There is no reason to wait any longer! Look into what loan options are good for you and get approved today. Contact us to take the next step into your future and view houses for sale in Bucks County!