First-time homebuyer grants in Utah can be a great way to cover that down payment. However, in order to get to that point, you’ll also need to have a decent credit score. As one of today’s leading providers of first-time homebuyer down payment grants in Utah, the team from Home Savings Fund wanted to shed some light on what type of credit score you’ll need.
Here’s everything you need to know about what your credit needs to look like to qualify as a first-time Utah homebuyer.
What’s the Average Credit Score Needed for a First-Time Homebuyer?
Although the number will vary in some cases, on average, you’ll need to have a credit rating of at least 620 or higher to qualify for a mortgage on a new home. This number isn’t an absolute must; in fact, there are many lenders and first-time homebuyer grants that can help you afford your first new home. But, generally speaking, when buying a new home, the better your credit is, the better the mortgage you’ll receive from a lending company.
What If My Credit Score Isn’t High Enough?
If your credit score doesn’t meet the required criteria, don’t despair, there are still some options out there for those who want to buy their first home with a lower credit score. These consist of things like having a co-signer with a better credit score than yourself or having a friend or family member purchase the home in your stead, then refinancing it and adding your name to the title. As mentioned above, there are also first-time homebuyer grants available from organizations like Home Savings Fund that may offer some solutions.
What’s the Best Way to Improve My Credit Score?
To improve your credit score, there are several things you can do, including paying all of your bills on time, keeping your credit cards open and maintaining a low credit balance, and regularly checking credit reports. Frequently checking your credit reports can help you notice any red flags and fix them early on so they don’t have a negative effect on your credit down the road.
Contact us today for more about Utah first-time homebuyer grants!
To qualify for a Utah first-time homebuyer grant from Home Savings Fund, you’ll need to first attend our Home Buyers Class either in-person, or online, as well as schedule a meeting with a participating loan officer. If you’re struggling with bad credit or finding the funds for your down payment in Utah, contact Home Savings Fund today online or call (855) 369-7283.