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Credit Scores Explained

How Your Credit Score Could Affect Your Idaho Mortgage Loan

Where does my credit score come from?

Lenders generally get credit score information from FICO (Fair Isaac Corporation). The following general rules serve as a guideline for lenders, but keep in mind that ultimately, the final decision to award you an Idaho mortgage loan lies in the hands of the lender:

 Credit Rating

 Result

 Below 620

 Considered "Sub-Prime"

 620-650

 Average, but some lenders still consider these borrowers risky

 720 and above

 Excellent

How is this information used to determine my eligibility for an Idaho mortgage loan?

Again, this isn't the only determining factor in awarding and Idaho mortgage loan. Lenders also consider your employment, salary, money you have in savings and your debt-to-income ratio, which is arguably more important at times than your credit score.

Your credit score can be an indicator of red flags for lenders, such as a history of delinquent payments. These items are reported on your credit bureau history report, often reviewed prior to making a lending determination. If you will be pursuing an Idaho mortgage loan in the near future, you should request a free copy of your credit report to learn your score and review your credit report carefully to check for errors. If there are items on your credit history report that you can fix or make current, it is wise to do so prior to applying for an Idaho mortgage loan.