Fixing Credit for an Austin Home Loan

Know your Credit Score before Applying for an Austin Home Loan

Home Mortgages in East Austin Neighborhood
A low credit score can make it more difficult to get an Austin home loan. Generally, Austin mortgage lenders are looking for credit scores in the upper 600s and above. Anything over 750 is an excellent score and once your score wanders down into the 500s you are considered a credit risk.

Steps to take Before Applying for an Austin Home Loan

Improving your credit score and financial standings will give you more options for securing an Austin home loan with bad credit. There are some proactive steps you can take to put yourself in a better credit position:

  1. Knowing your Credit Score can Help you secure an Austin Home Loan:

    Start by getting a copy of your credit report. It is not uncommon for credit reports to contain errors or old information that you are eligible to have removed. Double check account numbers and balances for accuracy. Make an effort to bring any delinquent payments up to date and bring any high credit balances down.

  2. Paying off your Debt Improves your Chances for an Austin Home Loan

    Make a plan to pay down debt. Credit debt can feel like a massive mountain that is nearly impossible to climb. Fortunately, that is not the case. It can take some time, but the financial pay-off is considerable. Some experts recommend starting off with your smallest debt and paying that off first. This can have both a psychological payoff and a positive impact on your credit score.

  3. Increasing the Size of your Down Payment can Help you get an Austin Home Loan

    Consider a larger down payment. A mortgage lender authorized to offer Austin FHA loans guaranteed by the Federal Housing Administration are a good place to start your search if you are a first time home buyer with some credit issues.

Looking for more assistance with securing an Austin Home Loan? Look no further, our expert and experienced Austin Mortgage Bankers can help you through the difficult process of qualifying for an Austin Home Loan. Contact an Austin Mortgage Broker today at: 512-356-9436 to get the process started.

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Related posts:

  1. Austin Home Loans and Credit Issues
  2. Mortgage Loans and Credit
  3. Financial Advice from your Austin Home Loan Lender
  4. Being Smart About Credit
  5. Moving After the Austin Home Loan
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