Credit scores affect financing costs

Note: The following guest blog was written by Senior Mortgage Consultant, Sam Thompson, with Community & Southern Bank. 

The thing on the tip of most lenders’ tongues these days when we pre-qualify borrowers is this one question: what are your credit scores?   The answer to that question will basically determine the prospect’s chances of qualifying for financing as well as their interest rates. Fortunately or unfortunately, the derivation of one’s credit score is not an exact science, but attaining a minimum credit score for almost all loan programs is a must.  That score for government lending programs such as FHA and VA these days has basically evolved to a middle score of 640 while conventional loans typically require 660-680. The best interest rates

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