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    Mary Beth Hurtado

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What You Need to Know About Credit Before You Buy a Home

Credit Scores - Main Line Homes for Sale

If you’re like most people, you’ll need to take out a loan to buy a Main Line home for sale – and in order to get good terms and interest rates on your mortgage loan, you’ll need a decent credit score. But how do you check your credit, and how can you tell if it’s high enough?

Here’s what you need to know.

How to Check Your Credit Before You Buy a Home

Thanks to the Federal Trade Commission, everyone is entitled to a free copy of his or her credit report each year. You can get yours here.

Once you receive your credit report, comb through it to make sure there aren’t any errors – and if there are errors, file a dispute with the agency reporting it.

Credit Scores - Main Line Homes for SaleWhat Credit Score Do Lenders Want You to Have?

Lenders base the interest rates they’re willing to offer you on how high your credit score is. Scores over 800 are considered excellent, and those that fall between 740 and 799 are very good. Scores between 670 and 739 are good, those between 580 and 669 are fair, and those under 579 are poor.

Every lender is different, but the bottom line is that a handful of points on your credit score can change your monthly payments drastically.

You can still get a mortgage loan with a low credit score. Here’s a quick breakdown:

  • Conventional loans typically allow you to have a credit score as low as 620, although some lenders might have additional requirements (like lower outstanding debt) if that’s where your score falls on the spectrum.
  • FHA loans are available to people with a credit score of 500. However, if your score is between 500 and 579, you’ll have to come up with at least a 10 percent down payment. If it’s 580 or higher, you may qualify to put as little as 3.5 percent down.
  • USDA loans usually require a minimum credit score of 640 to qualify, but sometimes they’ll consider borrowers with lower scores.
  • VA loans don’t have a minimum credit score requirement. The VA requires lenders to look at your entire financial profile when making a decision. However, many lenders do have minimum credit score requirements.

Are You Buying a Home for Sale in a Main Line Community?

Call us at 610-608-3119 or get in touch with us online to talk about what you need – we’ll help you find it.

While you’re here, check out our:

  • Gladwyne homes for sale
  • Lower Merion homes for sale
  • Radnor homes for sale
  • St. Davids homes for sale
  • Tredyffrin homes for sale

 

 

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“Your Philadelphia Main Line Real Estate Agent”
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Mary Beth- Where do I begin? She is a sweet, hard working and determined realtor that you want representing you. We were searching for a home in the Main Line area for several months using another realtor. Days, months and even a year went by and we were unsuccessful. It wasn’t until we started working with Mary Bath Hurtado that this dream of living in the Main Line came true! It’s been a pleasure to recommend her to many friends and to see how they also have found their dream home. If you are determined to find a house, call Mary Beth! She is knowledgeable, caring, dedicated, and passionate…a real winner!

We recently needed to relocate to the Philadelphia area without much knowledge about where we wanted to live or should be looking. Thankfully we got in touch with Mary Beth. She was a huge help and really great to work with. She’s extremely knowledgeable about the area and really helped us narrow down our search. This was also our first house, so she was very helpful in guiding us through the process. We’re very happy with the house we’re in and really thankful we were lucky enough to work with Mary Beth.

Mary Beth and Eliot were fantastic when they represented us in the sale of our home. They were quick to respond to our calls and questions, and they put us at ease when the market didn’t behave exactly as we preferred! In the beginning of the process, they were very helpful in the staging of our home, and their comps were right on. They helped us strike the right balance of patience and aggressiveness, and the end result,after just a few months in a tough market, was a sale price above list. I would not hesitate to recommend Mary Beth and Eliot to my friends and family.

We used Mary Beth Hurtado in the recent purchase our of home in Bala Cynwyd. Not only did she find us the perfect house in the right neighborhood, she helped us get it at a great price. She has a great feel for people, and tremedous knowledge and experience that make her a top-notch realtor in the area. I highly recommend Mary Beth Hurtado to anyone looking to find their dream house in the Main Line.

Mary Beth Hurtado was patient, diligent, readily available, experienced, and knowledgeable. She lives and works on the Main Line and thus is extremely versed on the Main Line properties and real estate culture. She was a great balance between being aggressive and attentive but not too pushy. She listened to us and got to know us and what we were looking for in a house, when it came to price range and style. We would recommend her for somebody looking in the Main Line area. We greatly appreciate all that she did for us throughout the home buying process.

Contact Mary Beth

Office: (610) 608-3119
Fax: (610) 717-3282
610 Old Lancaster Rd
Bryn Mawr, PA 19010

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