Rick Ripma explains the basic factors considered when applying for a mortgage. He highlights three key elements: credit score, debt-to-income ratio, and job history/income. Rick notes that credit score requirements vary depending on the loan type—FHA loans can accept a lower score (as low as 580), while conventional loans typically require at least a 620 score. He also suggests that FHA loans are generally a better option until the credit score reaches around 680.
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