Back to Mortgage 101
Understanding your credit score
Unsure of what you need to obtain financing for your mortgage? Find out everything you need to know below.
Outstanding debt
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Length of
credit history
credit history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Payment history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
New credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Types of credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Example Monthly Payment:
Find out what your monthly payment will be - including applicable finance charges, PMI, hazard insurance, and property taxes.
$981.00
Outstanding debt
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Payment history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
New credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Types of credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Length of credit history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
*Prosperity Home Mortgage, LLC is not a credit counselor. Information displayed is not credit advice and should not be relied upon or interpreted as such.
Fixed & adjustable rate mortgages
These are two of the most popular loan types when buying a home or refinancing your mortgage.
Learn more
FHA and VA mortgage programs
Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer...
Learn more
FHA streamline
Allows qualified borrowers to refinance a current FHA mortgage loan to a lower interest rate more quickly and ...
Learn more
VA loans
As a servicemember or veteran of the United States military, your duty has been to support and defend our ...
Learn more
Rapid Close ™
RAPID CLOSE is Prosperity's trusted platform for closing loans fast. Powered by Notarize, RAPID CLOSE allows ...
Learn more
Uplift
Our Uplift program ensures all FHA and VA qualified customers receive low rates and fees, which will reduce ...
Learn more
USDA Loans
Offers eligible borrowers in rural areas with no-down-payment financing options. These loans must meet certain criteria.
Learn more
Jumbo (Non-Conforming) Loans
Provide financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac.
Learn more
FNMA HomeReady ™
FNMA HomeReady™ by Fannie Mae is designed to help qualified borrowers in designated low-income, minority, and ...
Learn more
First Time Homebuyer Loan Options
Great news! With the many options now available for qualified buyers, you may be able to buy a home sooner...
Learn more
Low Down Payment
Qualified first-time home buyers may be able to get a conventional loan for as little as a 3% down.
Learn more
FHA Streamline
Allows qualified borrowers to refinance a current FHA mortgage loan to a lower interest rate more quickly and ...
Learn more
USDA Loans
Offers eligible borrowers in rural areas with no-down-payment financing options. These loans must meet certain criteria.
Learn more
3% Down First Time Homebuyer Program
Is your savings account standing between you and homeownership? We may be able to help.
Learn more
The Buyer Advantage
Getting pre-approved for a mortgage is a great place to start when buying a home, but if you want your offer to ...
Learn more
Lock, Shop & Home
We understand rising interest rates are a concern while searching for a home, but our Lock, Shop & Home program may ...
Learn more
BorrowSmart - Low Down Payment Program
You may qualify for up to $1,500 in down payment and/or closing cost assistance!
Learn more
Real Estate Investor Loan Programs
Let us help you reach your real estate investment goals with a variety of different programs.
Learn more
Good Neighbor Next Door
Contribute to the revitalization of your community while becoming a homeowner.
Learn more
Wedding Gift Funds
Planning your wedding or just married? Congratulations! If you’ve decided the next step in your life together will ...
Learn more
The Buyer Advantage
If you know what to expect, finding and financing your first home can be an exciting and rewarding experience!
Learn more
Calculate Your Mortgage Payment
Find out what your monthly payment will be with applicable finance charges, PMI, hazard insurance, and property taxes.
Learn more
Basics of Buying
Follow these helpful tips when applying for a mortgage to help make the process go smoothly.
Learn more
Things to Provide: Document Checklist
Use this handy checklist to gather documents for your home loan.
Learn more
Mortgage Process Roadmap
Wondering what to expect from start to finish when it comes to obtaining financing for your mortgage? Find out below.
Learn more
Understanding Your Credit Score
Learn about the 5 components that determine your credit score and how to manage it.
Learn more
Mortgage Glossary
Not sure what appraisal, escrow or private mortgage insurance are? Find out about these mortgage terms and more.
Learn more
