Profile picture for rondaperry

Do you have to have good credit to purchase a home?

  • February 05 2011 - Cleveland
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Answers (6)

Starting to go to amortgage officer first he shall pull your credit tell you how to increqse your credit score or refer you to a credit management specialist !ALso, he can give you free your crdti score .Then you can start from there !
Good Luck!
  • February 06 2011
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Profile picture for the_country_hick
 Just go to your local bank or credit union and ask to talk to them about building up some credit. It could include many things including you borrowing your own money from the bank paying them interest. It is called a secured loan. There are other things you can do to establish credit so ask your local lender what the right things to do are for you.
  • February 05 2011
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Profile picture for rondaperry
Thanks guys for your answers! I am really looking forward to buying a home soon somewhere between $15,000-$30,000 and I never had any credit really. I don't know where to start?!! 
  • February 05 2011
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Yes, at least in my market area. A credit report and/or a pre-qualification or pre-approval is submitted with any offer to purchase or rent. However, since there are so many who have suffered during the past three years, it does not hurt to ask sellers if they are willing to 'hold' paper short-term.  I have requested this in my market area and have at least one who is willing to do so.  As sellers, it might be something to consider, especially with banks paying such low interest, generally.  Holding 'paper' was common in the 1980's when interest rates were double-digit.  Something to consider.  
  • February 05 2011
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Profile picture for Andrew Ginter
I know of ways to get fha loans all the way down to 580 pretty easily. So I would say that is about the minimum requirement. Most people will tell you a 640 is necessary, that is not true though.
  • February 05 2011
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Profile picture for wetdawgs
If you wish to obtain a mortgage for purchase of a house, then aim for a FICO score at >/= 640.   If you wish to purchase with cash, then your credit rating doesn't matter.
  • February 05 2011
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