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| Buy your first home, or refinance your existing home? |
If you are planning to buy your first home, or refinance your existing home, you probably have many questions—including questions about which type of mortgage is right for you, and how to qualify for the best possible one.
The Responsible Homeownership (R-HOME) mortgage was specifically designed to give responsible homebuyers the opportunity to qualify for stable, affordable, fixed-rate prime mortgages. |
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| How do lenders evaluate mortgage applicants? |
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If you are applying for a mortgage to buy your first home, the lender needs to decide whether or not you are creditworthy and can be relied on to make your mortgage payment every month. The lender's decision is based on whether or not you have a consistent history of paying your bills on time.
For the past several years, most mortgage lenders have evaluated an applicant's creditworthiness based on a credit score that indicates how responsible the applicant has been in making timely payments on such things as credit card accounts, car loans, or other mortgages. The credit score that most lenders use is called a FICO® score. |
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Equal Housing Opportunity
