Home Buying in C.A.N.D.O.>Question Details

Trace Murphy, Home Buyer in Birmingham, AL

If my credit is below average and I have enough to purchase a home,would that be sufficient or would I need to better my credit score ?

Asked by Trace Murphy, Birmingham, AL Tue Apr 16, 2013

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6
Trace - you got 4 answers...what were you looking for?
I know a lender who can go as low as 580 - that's below average...
0 votes Thank Flag Link Tue Apr 16, 2013
Well thanks for the answer,was hopingto get it from you but no luck !!!!
Have a great day !!!
0 votes Thank Flag Link Tue Apr 16, 2013
if you have the cash to purchase, your credit score doesn't come into play. At least in our market, cash is king.
0 votes Thank Flag Link Tue Apr 16, 2013
Hello Trace,

It is always to your benefit to better your credit score as Interest Rates take credit score into consideration: the better the credit score the better the interest rate you will get.

Also most lenders have a minimum credit score that is required to get a home loan. Often this minimum is between 620 and 640 but you would have to contact a local lender to verify what their minimum FICO score required is. It also depends on the type of loan: VA, FHA or Conventional. I encourage you to contact a reputable lender to discuss your options. Hope this helps!

Best wishes,

Amy O'Rear, REALTOR®
Direct: 480.664.9950
Mobile: 480.580.1221
Office/Fax: 602.503.4280

HomeSmart International
2680 S. Val Vista Dr, Suite 101
Gilbert, AZ 85295

Website: http://www.amyorear.com
http://www.facebook.com/amy.orear.realtor
0 votes Thank Flag Link Tue Apr 16, 2013
Thanks for the response.
Flag Sat Apr 20, 2013
Hi Trace
Touch base with a lender in the area you're looking and see what opportunities an improved credit score can bring - maybe there's a buying opportunity that those few extra points would open the door to. Press on and keep striving for that goal of buying a home!
0 votes Thank Flag Link Tue Apr 16, 2013
I would recommend speaking to a lender "first", but I believe to get an FHA loan, the minimum credit score is 620 so that would be a goal to work towards. If you start a conversation with a lender now, they can get you on the fast track to getting your score where it needs to be. All the best!
0 votes Thank Flag Link Tue Apr 16, 2013
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