getting a mortgage with a 704 credit score

To start off, a 704 credit score is considered good. So just keep that in mind as you’re shopping around for a mortgage. A lot of borrowers don’t know this, but there is no set minimum credit score required to buy a house. Many lenders set their own credit score requirements, which is why it pays to go through a broker instead of a bank. With Banks, you are stuck with them as the lender, but brokers can shop around many, if not hundreds of lenders to find the right one for your situation. Now take your good score of 704; many lenders would jump at the opportunity to get your mortgage. It’s all about finding the right one.

There are other factors that lenders consider besides credit score when looking at your situation. For example:

• How much you have saved for a down payment
• Debts you may have in collections
• What your income level is
• Your overall amount of debt

These factors, along with your 704 score will help lenders determine what you are eligible for when it comes to a home loan. Now for your score, we’d recommend to look at conventional loans as they may give you a more favorable rate and lower mortgage Insurance.

There’s two main types of mortgage loans out there to keep in mind. Conventional and Government Backed, like FHA Loans. Conventional loans aren’t backed or insured by the government, but are offered by most lenders. These loans are the ones you will need to have a mid-to-high range credit score to get. At the right Loan To Value amount, most won’t require mortgage insurance either. Government backed loans can be a great option for those with a lower credit score. They have competitive rates when compared to Conventional Loans, but require lenders to be signed up with the government entity that is backing the loan, and they have specific requirements that must be met to qualify.

Even though your score of 704 is good, you can always work on improving your score by paying down debts, making sure payments are on time consistently, and building a good track record with the years of credit you will establish in the future.

Remember, your 704 is made up of the following 5 things:

• Payment History – 35%
• Credit Utilization – 30%
• Credit History Age – 15%
• Type of Credit – 10%
• Credit less than 6 months old – 10%

If you’re curious about the rate you’d get with a 704 score, just scroll down and fill out the 20-second Pre-Qualification application to find out ASAP. One of the reasons we built this page is because we like working with people with a 704 since we have so many options for it.

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