What is a good credit score for a mortgage?

In Virginia, a good credit score for a mortgage is typically 680 or higher. A credit score is a numerical representation of a person’s creditworthiness, and is determined by a variety of factors like payment history, amount of debt and length of credit history. The higher the credit score, the more likely you are to be approved for a mortgage loan. A score of 680 or higher indicates a potential borrower’s willingness and ability to pay back the loan; thus, it is the most commonly accepted credit score. However, lenders look at more than just your credit score when considering whether or not to approve you for a mortgage loan. Other factors they consider include your income, employment, assets and any existing debt. Therefore, even if you have a credit score lower than 680, you may still be able to get a mortgage loan depending on the rest of your financial situation. To improve your chances of getting a mortgage loan, it is important to keep your debt-to-income ratio low, pay your bills on time and take steps to repair any past credit issues. Additionally, it is important to know your credit score so that you can have an informed idea of what to expect when going to apply for a mortgage loan.

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