Due to the current foreclosure catastrophe, new credit criteria for first-time house buyers (any property buyer actually) have been set in place. Based on which side of the fence you are on, it is either a fantastic thing or even a deterrent to purchasing a house.
You can discover the best way to qualify for a first time home buyer mortgage through http://mortgagewindsor.com/first-time-mortgages/.
Image Source: Google
Following is a look back at what credit scores used to need to be eligible for a home mortgage.
First-Time Home Buyer Mortgage Qualifications: A Look Back in Old FICO Standards
On a recent version of this information, the newscaster blared in the tv that a few credit card firms have been contemplating making 740 that the FICO score you should have to qualify for a credit card.
Before, if you're alive or dead, you might find a credit card. This is the way free-wheeling charge card firms had been when extending credit.
The New Truth: What Your FICO score Should Be for Zero-Down Home Loans Today
Nowadays, mortgage lenders have raised the bar on which your FICO score needs to be to find a conventional loan with a great rate of interest. That is the new reality for many prospective property buyers — and it is not likely to change any time soon.