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
Curly Sue, , Texas
Tue Apr 16, 2013
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
Trace Murphy, Home Buyer, Birmingham, AL
Tue Apr 16, 2013
Well thanks for the answer,was hopingto get it from you but no luck !!!!
Have a great day !!!
0 votes
Marge Bennett, Agent, Fort Myers, FL
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
Amy O'Rear, Agent, Gilbert, AZ
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
Thanks for the response.
Flag Sat Apr 20, 2013
Sheri Michet…, , Mesa, AZ
Tue Apr 16, 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
Stephanie We…, Agent, Gilbert, AZ
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!
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