Is there such a thing as good credit anymore? One minute an excellent credit score is 720 and then it's a 740. Next, the top score is raised from an 800 to an 820 and then it's heighten again. Who can ever figure this credit system out?
Well, as an experienced real estate agent in Upper Marlboro, Maryland, I have had much experience of working with clients that have less than perfect credit. Now, is this what we look for as real estate agents? The answer to this is a strong, "No!." However, experience teaches you to work with people where they are.
I have now found myself helping more and more clients with lower credit scores. Everyone has their own personal reasons for why their credit is lower than the minimum required credit score to secure a home loan. Even that score has seemed to fluctuate. I've heard that a 640 credit score is needed, but then I've heared that a 620 can work and get you pre-approved. I guess at the end of the day, the key to getting the loan depends on the lender and the expertise of the loan officer. What I've learned is that when one lender can't do something, there is one who can or at least attempts a little harder to pry the door to home ownership open.
Through my experience of working with low credit score clients, it's actually become a privilege to help buyers who aren't quite ready. There's something special about helping buyers believe that despite their current situation, they can purchase a home some time in the future. For example, I presently have a buyer who's contract was accepted on a new inventory home, but the buyer can't get the loan until the credit score is raised to a loan approval score. The beauty of the situation is that the new home will be ready near the end of the year. This allows the buyer to follow a credit improvement plan and have the score raised by the time the home is ready.
Although the game of real estate has changed since the real estate market first crashed, the process of getting buyers into homes has not. Yes, there was a time when I got buyers into homes with credit scores in the low 500's. Maybe that won't happen today, but when a credit repair plan is put in place, buying a home becomes more realistic.
Maybe I should start tagging myself as "the low credit client's man." Well, no matter how it sounds, it seems that I have a magnetic attraction to low credit score clients. Thus, there is hope for every person who wants to buy a home. Patience may be the requirement, but it will definitely be worth the wait. To learn more about how I can assist you as a low or high credit buyer, please contact me directly. Go to my website at www.uppermarlboromdrealtor.com to get free real estate information and to sign up for my email list. Thanks from Timothy Johnson.