Buyers: You DON'T Need Perfect Credit to Buy a Home!

One myth out there that I hear over and over is that a home buyer must have absolutely perfect credit to buy a home today. That is not true, although there is a grain of truth in there. You need GOOD credit but not PERFECT credit.

A home buyer without PERFECT credit may still qualify for a mortgage, although perhaps at a slightly higher interest rate, or the lender may require more money down.

Credit scores range from 500 to 850, but most of us fall between 600 and 700.

It is very possible to get a loan with these scores, if you shop around talking to multiple lenders. First, start with the bank that holds your current mortgage or where you do your banking in town. Sit down with the lender and explain your situation and ask him if you would qualify for a loan with that bank -- the bank that holds your accounts and knows you. They may give you a good rate to keep your business with them.

I also have been successful getting buyers loans online, specifically with Quicken Loans. Call them and see what a loan rep there says.

If you have blemishes on your credit report -- late payments, collection accounts, etc -- the bank may ask yout clear these up or explain them. It is best to know what these are before you walk into the bank, so go online and pull up your credit report from one of the three credit bureaus and know what is on your report. If you find errors, fix them before applying for your loan.

None of us is perfect. And when buying a home you don't have to have perfect credit. 

We work with many Schuylkill County lenders to help our buyers get into houses. If you want lender recommendations in our area, or want help from one of our Schuylkill County buyer's agents, please call our office. We'd be glad to help!



 

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Erica Ramus is Broker/Owner of Ramus Realty Group in Pottsville, PA.

If you're looking for a professional firm to represent you in all of your Schuylkill County real estate needs, call us at 570-622-6006.

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6 Comments on Buyers: You DON'T Need Perfect Credit to Buy a Home!

OCT
09
2011
1,225,851 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Erica,

You are absolutely right..it is a myth out there that a buyer must have perfect credit..good message to broadcast!
9:30am • #1
260,647 Points 55 Featured Posts Outside Blog Called Shot Master

Hi Erica - VA and FHA fortunately still allow for less than perfect credit so those that aren't perfect (and no one is that I talk to these days in regards to credit) can still buy a home.  It's a great fact to get out to all of your buyers and sellers.  Hopefully together we can all debunk that myth!
9:42am • #2
586,663 Points 46 Featured Posts Outside Blog Called Shot Master

Hi Erica -

Thank you... Thank you!  Buyers need to know GOOD credit can work for them.  The media has pushed PERFECT CREDIT so long most buyers have no clue they are actually good candidates to buy a home!  Suggest

Best regards from The Q
9:52am • #3
648,311 Points 63 Featured Posts Localism Sponsor Outside Blog Called Shot Master

This is so true Erica, so many have bad credit, but those with good credit can get loans....
1:43pm • #4
OCT
13
2011
596,136 Points 70 Featured Posts Outside Blog Called Shot Master

Erica - THANK YOU!!!  THANK YOU!!!  THANK YOU!!!  It's true that so many consumer hear so much crap about what is needed to get approved for a loan.  So many of the people I talk to are actually scared to talk to a lender because of what they have heard.  I too just blogged about how a borrower does not need to have a perfect credit history.  There are programs out there for those with less than perfect history and even a couple of blemishes.
1:50pm • #5
MAR
29
2012
330,867 Points Outside Blog

actually even slightly below avearage will get it done in some cases. good post.
8:40am • #6

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Pottsville, PA

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Erica Ramus - Ramus Realty Group - Pottsville, PA

Address: 300 Mauch Chunk St. Suite A, Pottsville, PA, 17901

Office Phone: (570) 622-6006 x 301

Cell Phone: (570) 449-2131

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