For homebuyers1 min read
How your credit affects your loan
What lenders look at beyond the score, how credit shapes your options, and the moves to avoid once you're shopping.
Score and history both matter
Your credit score is a snapshot, but a lender reads the whole report: how long you've had credit, whether you pay on time, how much of your available credit you're using, and any recent applications. Two people with the same score can qualify differently once the details are in.
What it changes
Credit affects which loan programs you qualify for and the pricing you're offered. Government-backed programs like FHA and VA are often more flexible on credit than conventional loans, which is one reason the same buyer can look stronger under one program than another.
Before and during your application
Once you're shopping, keep things steady: don't open new credit lines, finance a car, or run up balances, and don't close old accounts without asking first. Any of those can move your numbers at the wrong moment. If you want to improve your credit before applying, your loan officer can tell you which changes are worth making.
Questions about your own file?
A loan officer licensed in your state can run your actual numbers.
Keep reading
For homebuyers1 min read
Preparing for pre-approval
What a loan officer looks at, the documents worth gathering early, and how pre-approval differs from pre-qualification.
For homebuyers1 min read
How much down payment you need
The 20% figure is a myth for most buyers. Here's what the low-down-payment programs allow and the trade-offs to weigh.
For homebuyers1 min read
Closing costs, explained
What the fees at closing pay for, where your official estimate comes from, and the ways they can be covered.
This guide is general information, not financial advice, a quote, or loan terms. Program availability and qualification vary. ALCOVA Mortgage LLC, NMLS #40508 (www.nmlsconsumeraccess.org). Equal Housing Lender.