“How does my credit score impact getting a mortgage in NYC?” 

This is a BIG question on the minds of many first time buyers. And understandably so. 

But there’s also a lot of misconceptions about what effect your credit score will have on getting a mortgage to buy a place in NYC. 

Let’s dispel a couple of those. 

There’s No “Cut Off” Score

First – contrary to popular belief, there isn’t a set “cut off” score that you have to meet. 

While it’s true that banks have credit score limits, it varies amongst them. Some may be more lenient and some may be more strict. But there’s no one “magical” score that you need to have in order to qualify for a mortgage. 

Credit Scores Aren’t the Only Factor

Second – your credit score is just ONE of many factors a lender considers when trying to determine whether or not you’ll qualify for a mortgage.

They also consider the following (and this list isn’t exhaustive, by the way):

• Income
• Payment History
• Job History
• Assets
• Current Debts
• Housing Debt to Income Ratio

Lenders look at your entire financial picture when determining whether or not to lend to you. No one factor is likely to be decisive. 

Credit Scores and Interest Rates

While credit scores don’t create an open and shut case when it comes to getting a mortgage in NYC, they DO impact your interest rate. So while you may still be able to get a mortgage for your desired amount, it may cost you over the life of the loan if your credit isn’t so great. 

Get a Pro to Help You

A knowledgeable mortgage professional can work closely with you to be sure that whatever loan product you choose is something that actually makes financial sense. And you can even go one step further and speak with a financial advisor to be sure. 

Don’t Count Yourself Out

If your credit score is less than prime, getting a mortgage in NYC may be tougher. 

But it’s certainly possible! So don’t give up on your dream of home ownership because of it! 

If you’d like to learn more about what you can do to prepare to buy a home, then sign up for my First Time Buyer Bootcamp! Click here to learn more.