 TITLE: 5 Homebuying Myths Debunked CONTENT: Myth #3: My Credit Score Is Too Low\n-----------------------------------\nYou can expect mortgage lenders to pull your credit report during the application process.\nYour recent credit applications, payment history, credit usage and any delinquent accounts you may have will all carry weight in their lending decision. They'll also zero in on your FICO® Score. Generally speaking, a higher FICO® Score opens the door to lower interest rates and better borrowing terms.\nEven so, you don't need perfect credit to qualify for a mortgage. Remember, lenders are looking at your overall financial picture—not just your standalone credit score. This includes your debts, income, assets, down payment amount and loan amount.\nThere isn't one set-in-stone minimum credit score to get a mortgage because every lender is different. The type of loan you apply for also plays an important role. The minimum FICO® Score for a conventional mortgage is generally around 620; however, some government-backed loans have lower credit score requirements.\nRegardless of loan type, it's always best to improve your credit as much as possible before trying to get a mortgage. Doing so can increase your odds of getting approved with the best rates and terms. This, in turn, could end up saving you thousands of dollars over the life of the loan. In some instances, taking a few months to pay down your credit card debt can be enough to increase your score and help you qualify for a more affordable mortgage. END