In our current economic climate, it is more important than ever to have good credit scores. Conditions always favor those with better credit scores along with more equity when lending money. Lenders are now looking much harder at proof of income and employment than they were a year ago. A local mortgage broker states that, "A credit score of 620 and up for an FHA loan and a score of 720 and up for a conventional score, are the new standards." What this means is anything less than those standard scores will result in taking a higher hit on your rates. If you want the best rates, you will need to meet the minimum standards set for the credit score. So what can you do if your credit scores are not where you want them to be? Your first step is finding out what they are and then keeping...
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