How does my credit score affect my ability to buy a home?

The short answer, the better the credit score the lower the interest rate. A lower interest rate allows you to qualify for a larger loan amount or pay less each month.

Here’s what you need to know and what you need to do to insure your credit score is accurate and you have the best score.

Your credit score is calculated off of the FICO scoring model and is derived from the .rmation on your credit reports, which are compiled by credit reporting companies.

The scoring model consists of 35% payment history, 30% amount of debt relative to credit limits, 15% age of credit, 10% inquiries, 10% whether you have more than one type of credit such as revolving credit and installment credit.

It is a good idea to make sure everything is reporting correctly before you have it pulled for a mortgage application. You can access your free credit report at

Review the personal .rmation section, public records section and finally your credit accounts. Make sure that the creditors are reporting your payment history correctly and correct any mis.rmation such as late payments, outstanding collections, liens and judgements. It’s a good idea to discuss any concerns with your lender prior to having your credit report pulled. Sometimes paying off a collection will negatively affect your credit score. 

Reviewing the data for accuracy will ensure that you will get the best possible rate and loan program with the score you have. 

Please call me for a free consultation at


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for more .rmation. 

Dottie Spitaleri

NMLS# 224169

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