A borrower’s credit score is a key determining factor in qualifying for a mortgage loan in Orange County. A borrower’s credit score reflects a borrower’s habits when it comes to paying their bills. Are there late payments, collections, judgments, previous foreclosures, bankruptcies? All of which will effect a borrower’s credit score. A potential lender is going to want to know a borrower’s credit score when determining a borrower’s qualifications for a mortgage loan.
To qualify for the best mortgage loan, borrower’s credit score needs to reflect a variety of trade lines, reasonable balances on credit cards, and overall clean payment history. A credit score in the mid 600’s is considered more favorably when determining a borrower’s credit score qualifications. However there are mortgage loan products available with different qualifying guidelines for a variety of credit scores.
In addition, if a borrower’s credit score prevents them from qualifying for a mortgage loan, there are steps that can be taken. Oxford Capital offers a credit restoration and education program, designed to assist borrowers in cleaning up their credit report and improve their credit socre so they can qualify for a mortgage loan. For more information on our credit restoration and credit scores please visit the credit restoration page of our website.
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