Myth – You Can’t Buy a Home with Bad Credit
While the road is easier (and less costly) if you have a good to great credit score (680 or higher), there are programs that you may qualify for with a credit score as low as 580.
Generally, the better your credit score, the lower the risk you represent as a borrower. As a result, the lender will charge you less (in the form of a better interest rate).
In many cases, your lender will recommend specific steps to take if your credit score could use some improvement. While some of these steps may take months to fulfill and see a corresponding credit score increase, many can be completed and your credit can go through a “rapid re-score” within a 30-60 day period. This correction & re-score process may allow you to take advantage of market conditions such as lower interest rates or home prices – both of which could save you thousands of dollars in the near and long term.
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