Home Buying in 46208>Question Details

Linda, Home Buyer in Home, WA

do my credit have to be perfect to buy a house?

Asked by Linda, Home, WA Fri May 30, 2008

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No, there are many different loan programs out there for all kinds of different situations. With a low credit score you will find it harder but that just means you have to try harder. I've seen recently a pre-qual letter on a 530 credit score. Some institutions work harder than others at getting the approval so if one says no go to the next and just keep pressing forward. It may take alternative credit to build up your case, such as a letters from a landlord, utility companies, insurance companies, etc. saying you pay on time. Some lenders will allow a non-occupying co-signer to help get approval, so the options are out there you just have to be persistant. Good luck and don't give up.
1 vote Thank Flag Link Sat May 31, 2008
Your credit doesn't need to be perfect, but good payment history does help a lot! Mortgage terms are changing daily right now, if I were you, I would talk with a good mortgage lender, have him pull your credit, and see where things stand. What will work today with a loan may not work in 2 weeks.
0 votes Thank Flag Link Thu Jun 19, 2008
not really - there are alot of FHA options out there!
call me @ 925-249-2424 or 916-912-722

NewCal Financial Group Inc
Pleasanton CA 94588
Web Reference: http://www.FHAFIXLOAN.com
0 votes Thank Flag Link Sat May 31, 2008
bloody thief and crook....
Flag Sun Nov 11, 2012
You are a Crimnal - have 3 cases against you..
Identity Theft - caught stealing personal info, arrested, jailed, bail of $50k was posted
Domestic violence - harassing a muslim family, restarining order was placed against you
Civil - giving fraudulent loans to consumers
Flag Sun Nov 11, 2012
No, FHA allows some credit issues not to be counted. You can have up to $5000 in collections. You would need to speak with a mortgage broker to see if you can qualify.

Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sat May 31, 2008
Linda - Your credit need not be perfect to qualify for a home loan. As a matter of fact with an FHA loan somebody with a 800 credit score will generally receive the same interest rate as someone with a 550 credit score assuming they both qualify. Deal with a mortgage professional that knows what they are doing! Ask for references from the loan officer, work with a bank or reputable mortgage broker.

Some credit blemishes can usually be cleared up with a letter of explanation! Major credit issues will be scrutinized. If the event that led to your credit demise is reasonably determined to be out of your control, isolated, corrected, and not likely to reoccur there is a good chance of getting past the concern.

Tim Diersing - Fifth Third Bank 317.882.3206
Web Reference: http://www.53.com
0 votes Thank Flag Link Sat May 31, 2008
There are many options available
call me @ 924-249-2424
Web Reference: http://www.fhafixloan.com
0 votes Thank Flag Link Fri May 30, 2008
No, but it sure makes things easier. With lenders tightening up, obtaining a home loan is much more difficult now than in years past. Some of the things lenders look for are delinquent payments, and your ratios (money going out vs. money coming in). The first step is to actually sit down with a lender in your area to discuss options. Don't get fooled into filling out online lender applications. Meet with someone in person who will ask you probing questions about your credit.

There may also be special financing programs that might help you, depending on your income qualifications. Be sure and ask your lender. Best of luck!

0 votes Thank Flag Link Fri May 30, 2008
Your credit does not have to be PERFECT; however, a good score - as well as adequate funds for down payment - would be extremely helpful. Your first step should be to speak with your bank's loan officer or a mortgage broker for the best advice regarding your situation.
0 votes Thank Flag Link Fri May 30, 2008
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