bills, credit, mortgageYES, it is possible to buy a house without the best credit score. Credit is one of the most important things that mortgage lenders look at to determine if you are a good risk but that does not mean it needs to be an 800+ credit score.  There have been many changes in qualifying for a mortgage loan the last few years but your credit history like in the past still needs to show you pay your bills on time.  If you missed a bill here and there over the years more than likely you will still qualify but in general

  • If you consistently pay on time more than likely you will get a loan
  • If you show a pattern of missing your bills over the years more than likely you will not qualify

The credit scoring system is meant to help determine that if you have a payment due will you pay it on time?  The credit scoring system is far from perfect and we as lenders put too much weight in the credit score but that is a different topic.

FHA financing is still probably the best first time home buyer program with as low as 3.5% down payment ($3,500 on a $100,000 house) which if you are lucky enough to have a rich relative can all be gift.

I can still get you into a home with a credit score as low as 620 or even no credit if we can establish a solid rent history and other accounts you have paid on time.  Call me Mark Nehs today at 262-613-2730 to get pre approved and to review all the lending options FHA, VA, Conventional, RD loans, 80/10, Jumbo, and more.  I will pull and analyze your credit with you for free!!  Click Here to Apply online and go to pre qualification options TODAY.

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Mark Nehs, Wisconsin Mortgage Loan Officer                                         
Waukesha, Oconomowoc, Pewaukee, Brookfield, Lake Country, Menomonee Falls, Sussex, Hartford
West Allis, Wauwatosa, New Berlin, Muskego, Delafield, Hartland, Dousman, Watertown

Contact info PNC Mortgage Waukesha Wisconsin

Shopping for the lowest mortgage rate is easy. Finding a seasoned professional that can deliver those rates to you is where I come in.  Call me, Mark Nehs, today at 262-613-2730.  Your Waukesha Wisconsin Mortgage Lender.

 

 
Posted by Mark Nehs on 05/28/2011 11:28 AM   Comments (7)   Credit in the Home Buying Channel   credit score, fha, mortgage  
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7 Comments on Can I buy a House if I don't have perfect Credit?

MAY
28
2011
Localism Sponsor Outside Blog

Mark - Great information..good to know that you don't have to have a perfect credit score to qualify for a loan.
11:31am • #1
160,547 Points 2 Featured Posts Attended Rain Camp

I have to say nice post. I have also had lots of good luck with seller held mortgages. The last three commercial properties I bought had Seller Held Mortgages. Also what about assumable loans. All FHA and VA loans are assumable.
11:34am • #2
318,277 Points

It is good to know there are options for the not so perfect home buyer today. Thanks for sharing this information.
11:35am • #3

The misunderstanding about credit is HUGE out there.  Don't assume you don't qualify without at least trying.

Yes, seller mortgages have become more popular again.
11:38am • #4
260,647 Points 55 Featured Posts Outside Blog Called Shot Master

Great reminder to clients that worry about their past credit history that they can still buy a home.  Low interest rates and FHA's low down payment are a win-win for homebuyers! 
11:57am • #5
MAY
29
2011
1,055,031 Points 2 Featured Posts Called Shot Master

Great info...and yes, most of the first time home buyers I work with use FHA...hope you get loads of clients from your informational posts!
9:39am • #6
JUN
02
2011
109,115 Points Outside Blog

Great infor Mark --- a wealth of information you are.  Keep it up - it will pay off!
1:50pm • #7


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Mark Nehs

Pewaukee, WI

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Mortgage Loan Officer Waukesha Wisconsin

Address: 395 Pewaukee Road, Pewaukee, WI, 53072

Office Phone: (262) 691-5843

Cell Phone: (262) 613-2730

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Learn all about Mortgage lending from a 20 year veteran of the mortgage business in Wisconsin. FHA, VA, Rural development, conventional, 80/10, and more. All types of mortgage loans for Wisconsin consumers looking to purchase or refinance.
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