If you’re thinking of homeownership, though, one of the first things you’ll need to do to grab one of those hot properties on the market is prequalify for a mortgage, and often that means having your finances scrutinized. There are certain advantages of being a first time home buyer. From what’s in your bank account to your entire credit history, a lender will dig deep to help mitigate the risk of making a bad loan. One factor in the process is certainly credit score.