If you need help with building or improving your credit in order to buy your dream home, Shamika can help! Shamika Sells offers a number of different services to help improve your credit, including credit counseling.
Buying your dream home in Melbourne, FL starts with creating your dream credit score. Without a strong credit score, it will be almost impossible to negotiate an affordable mortgage and move into your new Melbourne dream home. A favorable credit score shows that you are ready for the financial implications of owning a home, and will not falter on mortgage payments. This will in almost every case make or break your chances of qualifying for a mortgage from a lender, and owning your first home.
However, you still have the chance to improve your credit before closing a deal on your dream home. Credit counseling services with Shamika Sells will help you to identify what the minimum credit score is that you need for your type of mortgage, and help you to achieve your real estate goals or otherwise through credit improvement strategies, and financial coaching with Shamika herself.
Why Do I Need Credit Counseling For Real Estate?
While you don’t need a perfect credit to secure a home, having the best credit possible is still crucial. In many cases, there is a minimum credit score required to qualify for a mortgage and to buy a home. Depending on the type of mortgage you will need, this minimum can vary, so it is important to maintain the strongest credit score possible to achieve your real estate goals. Typically, this is determined by your FICO credit score, as determined by the Fair Isaac Corporation. Your FICO credit score is based solely on the information in your credit report maintained by bureaus like Experian or Equifax.
Where real estate comes into the credit conversation is when it comes to loans, the lender is able to set their own standards and requirements for minimum scores. What’s more, there are several types of loans for you to look out for, these loans are:
Conventional Loans – These are the most common, and are not backed by the government. They must however comply with Fannie Mae and Freddie Mac guidelines. You will want to aim for at least a 620 credit score for this type of loan.
FHA – These loans are backed by the Federal Housing Administration. These are typically easier to obtain with lower down payments and minimum credit scores, but may not come with as many advantages. For these you will need at least a 580 credit score, which is just teetering on the poor/fair line.
VA – VA loans are backed by the US Department of Veterans Affairs and are specifically for members of the military.
USDA – Backed by the US Department of Agriculture, these loans are designed for rural areas and low to moderate-income families. Like VA loans, they require no minimum credit score but, of course, the higher the better.
If you are taking a look at your credit score and are in need of help reaching these numbers, struggling with credit debt and having trouble buying a home, or just in need of elevating your credit score to the next level for the best mortgage possible, I’m here to help! Any credit score from 740 and above are considered very good to exceptional, and with credit counseling with Shamika Sells, we are here to take you there!
How Is Credit Counseling Here to Help You?
If you are having trouble paying off old credit card bills, or struggling with a low credit score, a credit counselor is here to be your lifeline. We will start with a full financial consultation to pinpoint where you stand and what your options are. We will then set up a debt management plan to effectively manage the debt that you have, and strategies to handle upcoming debt. The road to financial literacy starts with small steps. Together, we will help you get a fresh and up to date copy of your credit report and past scores to effectively create a budget to pay down outstanding debts. We can then work on strategies for the future for how to best manage your money and future debt per your lifestyle. If you are struggling with debt management and are in need of credit counseling, contact Shamika today.