Home Buying in Alabaster>Question Details

Joe, Home Buyer in Alabaster, AL

do you have to have good credit to buy a house?

Asked by Joe, Alabaster, AL Wed Jun 18, 2008

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This is a 2014 update. In todays market I have local lenders looking at 620 credit scores. There are some excellent programs out there now that offer 95% to 100% loans. I have two very good lenders that I currently work with and they can check your credit or prequalify you for free over the phone or via email. Please let me know if I can help!

Sincerely,
Renee Hamilton
205-504-0421
reneehamiltonsellshomes@gmail.com
http://www.e21realty.com
0 votes Thank Flag Link Wed Apr 16, 2014
The mortgage companies have had to tighten their belts due to the economy. This made the required credit score higher than it used to be in order to obtain a low rate. There are companies and programs available that will assist you with your credit issues. You will need a preapproval letter upfront if you want to make an offer on a foreclosure. I have some lenders who can assist you. Feel free to contact me anytime.
0 votes Thank Flag Link Sun Oct 14, 2012
Good credit definitely gets you a better rate. And if your credit is not up to par, contact your mortgage company and ask them if they have a credit clean up program. These programs are designed to help buyers get into a home quicker. And I know, it is scary sometimes but as I tell my clients, they are not gonna bite you. And honestly. if you dont start with the mortgage company to see what they can do for you, you will never get into a home. So with that being said, call me and I will get you in touch with a mortgage company that can help.
0 votes Thank Flag Link Wed Jul 18, 2012
I agree with Candace, good credit does certainly help. We have a mortgage lender in our office who can quickly run your credit. As soon as we know what you are qualified for, we will begin our search for your dream home!
0 votes Thank Flag Link Sat Jun 23, 2012
Having good credit certainly helps! But we work with lenders who have some really good programs for people with bad credit. Just be prepared to put down a decent down payment, and pay a higher interest rate.

One 10 minute phone call will get you pre-qualified, and give you a good idea of exactly what type of loan you will qualify for.

If you would like more information, call or email me. I would be happy to put you in touch with a lender we trust to be honest about what types of loan options are avaliable for your credit score.
Web Reference: http://kwhometeam.net
0 votes Thank Flag Link Thu Jun 19, 2008
Not at all - you are always welcome to pay cash :)

If you want to buy a house while getting a loan with decent terms, then yes - you need good credit. However there will always be someone willing to lend you money no matter what your credit score if the terms are right (i.e. higher interest rate, higher down payment).

You can have a 300 credit score and I can find someone who will get you a loan...you'll just have to put money down and accept a higher interest rate.

If you have any further questions, or would like a referral to some great lenders, feel free to contact me at http:// http://www.HernandoLuxuryHomes.com - I'd be happy to help.
0 votes Thank Flag Link Wed Jun 18, 2008
Your credit score impacts your ability to get a mortgage - and, hence for most, the ability to buy a house. Without needing a mortgage, credit doesn't come into play. However, for most buyers, a mortgage is a part of the process. There are points at which qualifying for a mortgage can become difficult if credit ranges are below certain limits. However, there are numerous mortgage programs and rate options available for a variety of credit histories. Typically, the higher the credit score the lesser the interest rate is going to be for various programs. FHA offers options for those that may have difficulty qualifying for traditional loans that can be a great resource too. Hope that helps! Check out the link I have provided to a variety of information on credit history, scores, and mortgage info too. Best of luck to you.
0 votes Thank Flag Link Wed Jun 18, 2008
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