Wouldn’t it be nice to have new appliances, such as a new refrigerator or washer and dryer, the day you move into your new home?  Here’s the problem… If you add to your current credit card balances or open a new account (such as Lowe’s or Home Depot) between the time you apply for your home loan and prior to funding on your new loan, you may not close on time or even at all.  Most of us who have been in the mortgage business awhile have had loans bust ...

We get this question just about every day:  What credit score do I need to buy a house?  Minimum credit scores can and do vary by lender, but here’s our current minimum credit score requirements for all of our major loan programs:

Conventional Purchase = 620
Conventional Refinance = 620
FHA Purchase = 620
FHA Refinance = 640
FHA Reverse Mortgage = None
Texas Vet Purchase = 620
USDA Purchase = 620
VA Purchase = 620
VA Refinance = 640

The latest “deal killer” in the mortgage business is disputed tradelines on your credit report. Even if something on your credit report is clearly not yours or being reported in error, if you dispute it, you may not be able to get a home loan. (I agree, that’s ridiculous!)  There are some exceptions, as there are with most things in our world, but play it safe and don’t dispute anything immediately before or during the home loan process. If your credit score is too low to qualify and it’s due to issues that you have ...