Do you need good credit to buy a house? Many aspiring home buyers ask this question while shopping for the best house to buy in an area. Some realtors would promise quick and sure approvals, but allow us to lay down the facts. It is indeed most ideal for one to have a good credit score to qualify for a home loan. However, if you have a low credit score right now, it doesn’t automatically mean you will have no chance to get approved for a home loan.
When lenders check on home loan applications, they look at a borrower’s credit score for them to check whether the borrower can and will pay consistently on time. However, there are other factors they take into consideration other than your credit including the following.
- Current assets
- Income
- Debt levels
- Property type you’re planning to acquire
With that being said, there’s no one-exact credit score that qualifies you for a house loan. However, the down payment amount and monthly payments can get affected by your credit score. An individual with a good credit score might be able to qualify for a home loan with a lower down payment and lower monthly payments
Get Assistance in Buying a House in Clermont Today!
Do you need good credit to buy a house? It would be ideal, but it is not the only qualification. The best way to find out if you qualify for a home loan is to speak with a realtor who can help you out. Bridlewood Real Estate is the company to call for your home buying assistance needs in Clermont, Orlando, Minneola, Mascotte, Groveland, Oakland, Montverde, Howey-in-the-Hills, Leesburg, and all cities in Florida. We also specialize in home rentals, property management, and many more. Contact us today to learn more about our services.
