Don't Be Credit Score Driven

Written by Kelsey Chisholm

“What is the minimum credit score needed to get a mortgage loan?” “What credit score does someone need to qualify?” “Is a certain credit score needed to get a mortgage?” “What credit score does someone need to buy a house?”

Potential homebuyers in Grand Rapids, who do not feel confident with their credit scores, are simply not applying for mortgages. It’s not that they’re getting turned down; rather, they’re self-selecting themselves out. There are a lot of opportunities for wealth and stability that come from home ownership, and we want to get you there!

These possible borrowers may not know that there are many types of mortgage programs, and each have different credit score guidelines and minimums that would work best for their situation. Depending on how much money someone is looking to bring to close as a down payment, there are other loan programs that have options for those with minimum credit scores.

In some cases, someone may have “no score” credit. There certainly are programs and circumstances that can allow for them to qualify. To obtain a “no score” mortgage, a borrower must have other compensating factors such as a stable job and savings, and they must not have debt collections or a negative credit report against them.

One of our trusted Loan Officers can help borrowers best see what program they would qualify for considering their credit score, their needs, their savings, their income, and a few other factors. They will do their due diligence to review the borrower’s situation, give them their best options, and give them some tips on how to increase their credit over time.

In a nutshell, no, a borrower does not need a perfect credit score to buy a home. Give it a shot and apply or contact someone from our team!

You don't always need a perfect credit score to buy a home.