Profile picture for sydra1014

do you have to have good credit to buy a home

  • October 12 2013 - US
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Answers (6)

Not if you don't need a loan. If you do need a loan, the lender will want to make sure they have a good chance of getting paid back.
If you need a loan for a house, call a few lenders and you'll get a good idea of your credit possibilities.
  • October 14 2013
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Well what do you consider good credit? It also depends on which type of loan you want as well. Either way, each lender has there own set of minimum credit scores that are allowed for each loan. For example, I have been able to give out loans with scores as low as 580. So if you are in this range or above, then you have a shot. Otherwise, you should work on your credit score a bit by paying off your debt and revolving credit balance on time. So to answer your question, the better your credit is, the easier it is for you to get a loan. If you have low credit, it still may be possible but there may be some hoops you'll have to jump through first. 

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • October 14 2013
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Mortgage lenders will have their own credit score requirements for each mortgage program.  They typically use your middle fico score from the 3 credit repositories for the qualifying credit number. With one of my FHA mortgage lenders for instance, you would need a 640 minimum credit score to qualify for a FHA mortgage.  Speak to a licensed mortgage professional in your area to get prequalified for a mortgage program.  Best of luck!   
  • October 13 2013
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There are mortgage brokers that specialize in "special credit"  And some that help you with the few things to increase your score. 
  • October 12 2013
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Profile picture for Ofe Polack
No if you are paying cash.  If you are seeking a loan, then you have to have a minimum score.  I suggest you contact a few mortgage brokers and ask them what you need to do to improve your credit to purchase a property.  Good luck!
  • October 12 2013
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Profile picture for wetdawgs
If you can buy with cash, your credit doesn't matter.  If you want a mortgage, you need reasonable credit to qualify for the mortgage.

Your income, debts and down payment are also important for qualify for a mortgage.
  • October 12 2013
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