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  • Writer's picturePhil Evans

Lori's Mortgage Minute - V.2

In this strong Seller's Market, many homeowners are wanting to sell, and buy a bigger or smaller home with the low-interest rates currently available. Many have not bought a home for several years and one of the first questions I get is "What credit score do I need to get the best rate?".

So here is a little refresher about credit scores when it comes to qualifying for a home loan: The Minimum credit score to qualify for an FHA loan is 580. You’ll typically need a 620 FICO score to be considered for a conventional or VA mortgage, and USDA applicants must have a score of at least 640. It is still true that the higher your credit score, the better the interest rate you’re likely to get.

A high score indicates good financial habits, and lenders factor it into their lending decisions and the rates they offer. Contacting a loan officer is an easy and free way to find out what your credit score is.

Oftentimes free online credit score services only tell you one of your three scores. If your credit score needs improvement, I can help you set up a plan specific to your needs, to increase your score so that it is where it needs to be to qualify for a new home! Start the process now to know where you stand and you will not regret it later.

Contact me anytime with questions 503-577-5998 or email me at

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