Credit Factors

 

  • Credit qualifying factors include ability to save, responsible credit pattern, job stability, etc.
  • Most lenders require a 3-bureau merged report.  The last 12-24 months are most important.  Payment history on mortgage debt has major impact.
  • Only payments over 30 days late are reported.  Number of open accounts including percentage of total credit borrowed are credit score tendencies.  Closed accounts are not considered.
  • Even if you had a bankruptcy you might qualify and should consult a loan professional