By searching for small 2-4 unit properties that still qualify as residential properties, that you can still buy with only 3.5% down!
Contact me for more info: KeystonePennsylvania@gmail.com
ALL ABOUT CREDIT SCORES
As I briefly mentioned, credit scores can play an important role in getting financing and the rates you’ll need to pay. I want to talk in detail about what makes up a credit score so you’ll know what you need to do, should you want to improve it. First, your score is a number that tells lenders how likely you are to pay back the money. When you have a higher score, you get better rates, which leads to long-term savings and more money in your pocket. Credit scores are often based on the FICO scoring model. They can range from 300 to 850:
• Bad credit: 300-600 • Poor credit: 600-649 • Fair credit: 650-699 • Good credit: 700-749 • Excellent credit: 750-850
The determining factors and how much weight they carry vary between credit agencies (TransUnion, Experian, and Equifax). However, the following five are the major contributors to your score: • Payment history: 35%
• Outstanding balances: 30% • Length of credit history: 15% • Types of accounts: 10% 55
Powered by FlippingBook