I am so pleased that the TV advertisements are working, almost all of you have knowledge of your credit and credit scores. But what does it all mean?

Today, it means a great deal! 

Why, because, in order for a borrower to get the very best mortgage interest rate or car loan rate or even the best rate on insurance premiums you need to have very good to excellent credit scores. In the case of a mortgage loan, a "working" credit score of 740 or better is required for the best rates. 

Your working score is the middle score given from the three credit agencies; Experian, TransUnion, and Equifax. They feel it is fair to throw out the high and low score and go with the middle - working score. You may ask, why are the three scores different? Simply, not all the agencies report on the same things.

Don't know where to get a FREE credit report? The only really Free report is from www.annualcreditreport.com.

Gone are the days when credit challenged borrowers got a loan, it's more like the good old days.

If you are unable to verify acceptable credit history, down payment, job stability, and some savings will slow and maybe block your chances of buying the home of your dreams. All hope is not lost, there are two remaining government backed home loans available that will work with less than perfect credit scores and low to no down payment requirements. Guidelines vary from program to program and today, qualification requirements are being changed regularly.

The moral of the story, qualifying for any loan these days takes preparation. Seeing a copy of your current credit report is only the beginning. It seems like the lower the mortgage interest rates the higher the qualifying requirements.
 
You can submit your credit report concerns and questions to: www.MinocquaMortgage.com