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Credit Score Requirements and Impact on Loan Costs
The minimum required credit score to qualify for an FHA loan is 580+. For conventional loans, a score of 680+ is necessary. However, most lenders prefer a credit score of 700+ for conventional loans, as it results in fewer points being charged. The higher your credit score, the fewer points the lender will charge. Each point is equivalent to 1% of the loan amount.
For example, if your mortgage amount is $200,000 and your lender charges an additional 3 points due to a low credit score, you would incur an extra cost of $6,000. This is in addition to the points associated with the interest rate itself. Therefore, maintaining a higher credit score can significantly reduce your overall loan costs.
Personal Loan Qualification Requirements
To qualify for a personal loan, lenders typically require a credit score of 680 or higher. This demonstrates financial responsibility and the ability to manage credit effectively, thereby increasing your chances of approval and securing favorable loan terms.
Business Funding Qualification Criteria
For business funding, lenders generally require a minimum credit score of 700. Additionally, there should be no negative marks on your credit report within the last 12 months, and you should have no more than two hard inquiries during this period. These criteria demonstrate financial stability and responsible credit management, enhancing your eligibility for business funding.
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