How Bad Can My Credit Be To Still Be Good Enough To Buy A House?

Pamela Madore

Keller Williams Realty

806-290-1920

 

 

How Bad Can My Credit Be To Still Be Good Enough To Buy A House?

 

 

I get so many people say that they can't buy a house because their credit isn't very good.  Define "very good".

 

Credit Karma is not your answer.  Sometimes it is spot on and sometimes it is crazy wrong--about like depending on Zillow and their "Estimates".

 

 

A home loan depends on 3 credit scores: Experian, Equifax, and Transunion.  Two of the 3 scores must be above the minimum required scores for the lending institution that you are talking to.

 

through this.  Too many people go to their bank and their bank says you need 640 scores to buy a house.  They get discouraged and forget about their dream of owning and not renting.  Don't listen to "no".  Just move on--after they tell you what your scores are.

 

Credit scores range for home loan purposes between 580 and 720.  Why the wide range?  There are many types of programs and some lenders are more conservative than others.  Some may have a small increase in rate if your scores are low.  Some don't care at all.

 

If you have never paid anything on time in your entire life, your credit will probably not be good enough.  If you have had a rough patch here and there, there is a good chance that you will make it.

 

Please remember this one important -REALLY IMPORTANT-thing.  If you are thinking of buying a house in the next 12 start your qualifying process NOW!  Don't wait.  There may be one stupid thing on your credit that you aren't even aware of that could take 30-60 days or more to fix.

 

Don't be like a home purchaser I just had that I could not convince to get pre-qualified.  They called me 30 or so days later with a picture of their dream home.  We hurried to get the pre-qualification done.  Oops.  There was one thing that would take 30-60 days to fix.  Had they listened to Mama Realtor here, they would be well on their way to moving into their dream home.

 

Call me.  Text me.  Email me.

 

Pamela Madore

Keller Williams Realty

3955 S Soncy Amarillo TX 79199

http://www.iloveamarillo.com/

806-290-1920