Buyers: You DON'T Need Perfect Credit to Buy a Home!
One myth out there that I hear over and over is that a home buyer must have absolutely perfect credit to buy a home today. That is not true, although there is a grain of truth in there. You need GOOD credit but not PERFECT credit.
A home buyer without PERFECT credit may still qualify for a mortgage, although perhaps at a slightly higher interest rate, or the lender may require more money down.
Credit scores range from 500 to 850, but most of us fall between 600 and 700.
It is very possible to get a loan with these scores, if you shop around talking to multiple lenders. First, start with the bank that holds your current mortgage or where you do your banking in town. Sit down with the lender and explain your situation and ask him if you would qualify for a loan with that bank -- the bank that holds your accounts and knows you. They may give you a good rate to keep your business with them.
I also have been successful getting buyers loans online, specifically with Quicken Loans. Call them and see what a loan rep there says.
If you have blemishes on your credit report -- late payments, collection accounts, etc -- the bank may ask yout clear these up or explain them. It is best to know what these are before you walk into the bank, so go online and pull up your credit report from one of the three credit bureaus and know what is on your report. If you find errors, fix them before applying for your loan.
None of us is perfect. And when buying a home you don't have to have perfect credit.
We work with many Schuylkill County lenders to help our buyers get into houses. If you want lender recommendations in our area, or want help from one of our Schuylkill County buyer's agents, please call our office. We'd be glad to help!