Having No Credit is only Slightly Better than Having Poor Credit
I have a couple here in the Central Connecticut area that are working to get into a home and unfortunately for them, the wife's credit has issues that have her in the low 500's in score and her husband is a cash only person. They have strong jobs and make enough money such that they save and for him, cash is always there for when the wants to buy something.
The down side is that cash is always there for when he wants to buy something, and as such he has no hard record to account for their viability to pay a bill. The do have rental receipts and also utility receipts but with the wife's issues and the monthly income needed to secure a mortgage tied to both of them a home purchase is a bit away.
As they need some time to clean up their respective issues, they will take a rental until they are ready. Their only problem may be the same problem that caused them t stop their home search.
Landlords want to see almost as god a credit history for a tenant as a lender might want to see for a mortgage. Understanding and explaining that if they had that history they would not be renting, almost a Catch-22 situation.
A home or rental search starts long before someone calls their first real estate agent. Knowing that you can buy not just how much you can buy is important.
A real estate agent's job is not just to open a door. We have many responsibilities, not all obvious.
If you are thinking of buying a home in Central Connecticut, I am here to help you. With the spring season not too far ahead, now is the time to make sure you are ready when you think you are ready. Give me a call and we can start you on that road.
Having No Credit is only Slightly Better than Having Poor Credit
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