Why calculation of Credit score is needed to apply for home loan in Utah

Calculating credit score is essential to apply for a home loan in Utah. There are different minimum credit scores required for various home loans in Utah. For instance, most types of home loans, including conventional, VA and FHA 203k, require a credit score of 620 or above, while USDA loans require a minimum score of 640.

Utah Housing Corporation has programs with credit scores 620 and higher.Bank of Utah states that payment history has the greatest positive impact on your credit score (35%), followed by amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%)

Therefore, maintaining good payment history is crucial for obtaining a good credit score and securing a home loan in Utah.

You can contact a discount real estate broker for make this process easy .

For more Information you can visit: https://discountagent.com/

Original Source: https://bit.ly/40RHzQN


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