The Sibley Group at Keller Williams Realty 455-0100

Your Home For New Orleans Real Estate

  • Home
  • Sellers
    • Make a Good First Impression
    • What’s My Home Worth?
    • Determining The Value of Your Home
    • Foreclosure & Short Sales
      • What is a “Short Sale”?
      • Short Sale Process
    • Real Estate Glossary
  • Buyers
    • Find Homes For Sale
    • Get Pre-Approved
    • Making an Offer
    • Mortgage Resource Center
      • FHA Loans
      • RD Financing – Rural Development Loans
      • VA Loans
      • Construction & Renovation Loans
    • Real Estate Glossary
  • Communities
    • Northshore
      • Slidell
      • Mandeville
      • Covington
    • Southshore
      • Uptown
      • Garden District
      • Carrollton / University
      • Broadmoor
      • Lakeview
      • Mid City
      • Warehouse District and CBD
      • French Quarter
      • Marigny and Bywater
      • Metairie
  • Resources
    • Local Area Schools
    • Moving Center
    • Preferred Vendors
    • Hurricane Preparedness
    • Blog
  • Listings
    • View Our Listings
    • Search All Listings
  • About Us
    • The Sibley Group
      • Our Team
      • Reviews & Testimonials
    • Keller Williams Realty
    • Careers
    • Choosing a REALTOR
    • Client Services
  • Contact Us
  • Property SearchSearch Homes By Map
  • Listings By EmailListings Updates Sent To Your Inbox
  • Home ValuationWhat Is Your Home Worth?
  • My AccountLogin To Save Listings And Searches
You are here: Home / Buying a Home / Mortgage Resource Center / Mortgage Credit Score Requirements

Mortgage Credit Score Requirements

134090373Maintaining good credit is vital to your financial health.  Your credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or have filed for bankruptcy.  Nationwide credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

The credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time.  Each score is based on the information in your credit report.

FICO is the largest provider of consumer credit scoring models used in credit approval and the model that lenders use most. While different companies may use other similar models, credit scores typically range from 300 (bad) to 850 (excellent).  The scoring models all consider five core components to determine your three-digit score.

  • Your payment history (35%)
  • How much you owe (30%)
  • Length of credit history (15%)
  • New Credit (10%)
  • Other Factors (10%)

Curious about your credit history, the Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.  To comply with this federal law each of the three major credit reporting companies formed www.annualcreditreport.com.  At this site, you can request a copy of your credit report once every 12 months from each of the three major credit reporting companies.

While you can get a free copy of your credit report to verify the accuracy of information in your credit history, you will still have to pay to find out the three-digit number, also known as your credit score.  Unfortunately, the law has no requirement for the credit reporting companies to provide you with your three-digit credit score.

Prior to beginning your home search or mortgage application process, it is always a good idea to review a copy of your credit report.  While it is not common, there can be errors on your credit history.  These errors might make the difference in getting or not getting approved for a mortgage.  If you find errors, each of the three major credit bureaus has appeal processes designed specifically for getting errors on your credit report corrected.

Credit Report Dispute Sites

  • Equifax
  • Experian
  • TransUnion

Lenders will always review a copy of your credit report and your credit score when you apply for a mortgage.  However, many home buyers do not realize that all lenders will also review an updated copy of your credit report just prior to closing.  If anything on your credit report has changed since you submitted your original application, you could be denied at the last minute.  A few simple rules can be followed to ensure you don’t end up loosing out on your dream home.

To find out more check out our guideline of do’s and don’ts after mortgage application.

Receive Your Free Home Buyer's Guide

The process of buying a home can be overwhelming at times, but you don't need to go through it alone.

You may be wondering if now is a good time to buy a home...or if interest rates are projected to rise or fall. The free eGuide below will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.

Check it out, and feel free to get in touch if you have any questions.
  • This field is for validation purposes and should be left unchanged.

Recently Listed For Sale

New on the market within the past 24 hours.
Northshore Southshore
Slidell Homes
Lakeview Homes
Mandeville Homes
Uptown Homes
Covington Homes
Mid City Homes
Madisonville Homes Downtown Homes
Abita Springs Homes Metairie Homes

From Our Blog

The 20% Down Payment Myth, Debunked

Saving up to buy a home can feel a little intimidating, especially right now. And for many … [Read More...]

What an Economic Slowdown Could Mean for the Housing Market

Talk about the economy is all over the news, and the odds of a recession are rising this year. … [Read More...]

Homes by School District

  • Your Contact Information

Recently Listed

Homes Under $200,000

Homes $200,000 – $300,000

Homes $300,000 – $400,000

Homes $400,000 – $500,000

Homes $500,000 – $600,000

Homes $600,000 – $750,000

Homes $750,000 – $1,000,000

Homes Over $1,000,000

About Us

The Sibley Group has a team of Realtors to meet all of your real estate needs throughout the New Orleans Metropolitan area. We have agents that specialize on the Northshore and Southshore, including New Orleans, Slidell, Metairie, Covington, Mandeville, Pearl River, and Lacombe.


Trust a real estate team with a long-standing tradition of service, expertise, and professionalism in the local area.


John Sibley reviews
The Sibley Group
Keller Williams Realty 455-0100

3197 Richland Ave, Metairie, LA 70002

Northshore: 985.326.9755
Southshore: 504.571.9755
Broker: 504.455.0100

From Our Blog

Housing Market Forecasts for the Second Half of the Year

From rising home prices to mortgage rate swings, the housing market has left a lot of people … [Read More]

Why Some Homes Sell Faster Than Others

As you think ahead to your own move, you may have noticed some houses sell within days, while others … [Read More]

Search Links

  • Search Listings
  • Search by Map
  • Login






Keller Williams Realty Professionals

The name of the company is Keller Williams Realty 455-0100.
Each Office is Independently Owned & Operated.

Broker & Associates are licensed by the State of Louisiana.
Copyright © 2019 All Rights Reserved