Home Buying in Rock Island>Question Details

ndikumanagile, Home Buyer in Rock Island, IL

u must have good credit to have a house?

Asked by ndikumanagile, Rock Island, IL Tue Dec 3, 2013

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Answers

5
No, but you must have good credit to borrow money.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Dec 6, 2013
Most lenders are looking for 620-640 credit score with no foreclosures, short sales or bankruptcies for 2-3 years and no deliquencies on credit for at least 12 months, plus at least one positive credit account.
0 votes Thank Flag Link Tue Dec 3, 2013
A lender approval depends on your income, liabilities, assets and your credit report. The credit score itself isn't as important as the information on the report. I work with over 40 lenders, which allows me to provide my clients with more opportunities. We go down to 500 fico scores and offer free credit repair. If I am not able to assist you at this time, I will let you know what needs to be done to get you a loan in the future. Feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
0 votes Thank Flag Link Tue Dec 3, 2013
Yes, you do need good credit to purchase a home. You should speak with a lender to see if you qualify and if you don't qualify start working on improving your credit score.
0 votes Thank Flag Link Tue Dec 3, 2013
The two go hand and hand. To purchase you need a minimum of 580 on your credit score for most programs.
0 votes Thank Flag Link Tue Dec 3, 2013
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