Wanting to buy a home and concerned with your credit score it can’t happen? That is not always the case as we work with lenders who can help you. Bad or marginal credit scores do add a layer of work but The Betts Team is ready to work with you to help you achieve your dream of owning a home.
Most lenders have a minimum credit score required to be able to work with somebody wanting to buy a home, each lender can decide on what score is the cut off for conventional loans. If you credit score is below 500 your best advice is to start working to repair your credit score before considering buying a home.
According to Experian one of the three main credit bureaus anything less than 670 FICO score is consider bad or subprime BUT that doesn’t mean we can’t help you! More about that a little later but for now what you can do if you have a FICO score between 500 and 670? Cash is king for those with low FICO credit scores, there are four things you can do, save for a down payment, the more you have the better position you will be in for home buying. How low can you reduce your overall current debit and be sure you have no collection companies seeking payments. In discussion with one of the credit advisors that works with The Betts Team he stated “Your credit score is a snapshot of you borrowing strength at that moment” and if all other factors are in place we can find a lender to work with you.
More than likely the lower your FICO credit score the higher interest rate you will need to pay for the money you borrow, but remember once you repair your credit, build equity in your home you can either refinance at a lower rate or contact The Betts Team to sell your current home and help you find another that suites your needs!
Our marginal credit team will search for as many programs as possible to help you with down payment, closing cost even government backed loans to help with lower interest rates. Contact us today and let’s get started!