Don't Let Less-Than-Perfect Credit Get in the Way of Buying a Home

But MANY more people need help getting ready to be "credit-worthy" to buy a home and even more who could probably get a home with their current credit but don't even try.

One of the saddest things in the world is when something is wanted, but it has already been decided that it cannot be had. At least right now.

This happens all the time in mortgage lending.

Some people think their credit won't allow them to buy a home.

The worst part? Many are too embarrassed to start the process or are already sure it will never happen for them.

But we are here to say - it does NOT have to be this way.

Yes, millions of people qualify and get mortgages every year.

But MANY more people need help getting ready to be "credit-worthy" to buy a home and even more who could probably get a home with their current credit but don't even try.

Let's start changing this TODAY!

Here are three things learned after twenty years in mortgage lending. Please take these to heart or share them with a friend or family member who needs to read them:

Don't Let Embarrassment or What Others Say Get In the Way

People who think they have credit issues are often too embarrassed to ask for help, or they've already accepted defeat.

There's NO reason to be embarrassed to ask for help understanding credit.

Talking to a mortgage lender about credit is like talking to a doctor about health.

No judgment is involved; it is just an analysis and an improvement plan.

Believe me, there's NOTHING in a credit report that hasn't been seen or heard before.

The scores are what they are.

Maybe a client has encountered a bad situation, had to help a friend or family member, or was never taught how to build and maintain credit.

Either way, a new path lies ahead, but the first step is to call or seek help.

A client CAN Get a Loan Without a 620 Credit Score.

Somewhere along the way, the American public has bought into the notion that a 620 credit score is required to buy a home.

Nothing could be further from the truth.

And, what one thinks is the credit score might be quite different in the eyes of a mortgage lender.

Here are a few facts that may be surprising:

Some loan programs allow credit scores down to 500

One does not have to be a verified renter

Low down payments & seller assistance are common

There are no income verification programs available

In short, everything known about the mortgage business needs to be corrected.

A Client CAN learn How to Build Or Repair Credit.

As mentioned above, there are low credit score programs and flexible financing options.

However, almost everyone could benefit from repairing or building up their credit scores to a higher level.

Every day, Mindful Money works with borrowers to help them develop a plan to fix issues with their credit reports and build positive credit.

Sometimes, the process goes quickly.

Other times, it takes much longer.

But that's ok.

One borrower just closed after six FULL MONTHS of working on their credit!

Was it worth it? Of course.

Things worth doing often take time. Don't be embarrassed to ask for help, and don't let what friends or family say keep anyone from getting the home of their dreams.

Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.

As a licensed mortgage broker, mindful money has been helping residents in  Arizona, California, and Colorado with top-notch conventional mortgage, FHA mortgages, and reverse mortgages solutions. We help them navigate the home-buying process smoothly and confidently. Call today for more information.