Credit Score Questions Answered - Amber Hunt Explains

Hi, I'm Amber Hunt with Quicken Loans. We've received a lot of questions about credit scores. A lot of people want to know: What is the minimum credit score needed to qualify for a loan? A good credit score is usually 720 or higher, but you may qualify for a loan if you have a credit score of around 620.

Another question people have is: What are my options if my credit score is less than 620? We have a few options. First, it's always great to find out exactly what your credit score is so you'll want to go to Quizzle.com -- you can get a free credit report there and they also offer great coaching and credit tips.
Another option for people with lower credit scores is Fresh Start. Fresh Start is a Quicken Loans program that offers assistance to people from a professional credit advisor. They can help you rebuild your credit and get you qualified for a loan.

And the final option for people with a lower credit score is the HomePath loan. It's a Fannie Mae program specially designed for people with a lower credit score and may not qualify for conventional mortgages. It can be used for a primary or investment property and it's perfect for people with less than perfect credit.


Quicken Loans is an Equal Housing Lender. Rates subject to change. Quicken Loans Inc. is a licensed mortgage lender. Arkansas -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, (888) 474-0404; Arizona -- Quicken Loans Inc., 16425 North Pima, Suite 200, Scottsdale, AZ 85260, Mortgage Banker License #BK-0902939; California -- Licensed by the Department of Corporations under California Residential Mortgage Lending Act; Georgia Residential Mortgage Licensee (#11704) -- 1050 Woodward Avenue, Detroit, MI 48226-1906; Colorado -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906 (888) 474-0404; To check the license status of your mortgage broker, visit http://www.dora.state.co.us/real-estate/index.htm ; Illinois Residential Mortgage Licensee #4127 -- Department of Financial and Professional Regulation, 310 S. Michigan Avenue, Suite 2130, Chicago, Illinois, 60604-4278, (312) 793-3000, 1050 Woodward Avenue, Detroit, MI 48226-1906; Massachusetts -- Quicken Loans Inc., Mortgage Lender License #ML 3030; Mississippi Registered Mortgage Company; New Hampshire -- Licensed by the New Hampshire Banking Department #6743MB; New Jersey -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, (888) 474-0404, Licensed Mortgage Banker -- NJ Banking and Insurance Department; New York -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, Licensed Mortgage Banker -- NYS Banking Department; Oregon -- Quicken Loans, Inc. -- License # ML-1387; Pennsylvania -- Licensed as a first mortgage banker by the Department of Banking and licensed pursuant to the Pennsylvania Secondary Mortgage Loan Act; Rhode Island -- Rhode Island Licensed Lender; Texas -- Quicken Loans, Inc., 1050 Woodward Ave, Detroit, MI 48226; Virginia -- Licensed by Virginia State Corporation Commission, License # MC-1738; Quicken Loans Nationwide Mortgage Licensing System Number 3030. Other restrictions may apply.
© 2000 - 2012 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. "Quicken Loans" is a registered service mark of Intuit Inc., used under license.

Category:

Education

Tags:

• Credit Score
• Credit Scores
• Quicken Loans
• Watch it Wednesday
• Mortgage News
• Credit Score Questions
• Amber Hunt
• What is a Good Credit Score
• Loans
• Loan
• Mortgage
• LoweCredit Score
• High Credit Score
• Fresh Start
• Quizzle

[wackywireless]

Even though you are my competition, I do love you ;)