I am so sick of all the articles that are being published and posted and talked about on the National News stations when they are not true. The final straw for this blog is an article I just read on http://www.dallasnews.com/ real estate section. You can read the full article here.
It says in this article that a buyer must have a minimum of 680 credit score, and that a 720 will help lower the interest rate offered. WHAT??!!
Buyers, please be aware that there are MANY lenders out there that are offering loan programs with much lower credit scores. Can you get a decent rate if you have a 500 FICO score? No, not really, though you might qualify for an FHA loan who doesn't care what the score is. Can you get a decent rate at a 600 score? Yes, probably. As long as your recent past history is in good condition and you're able to document your employment and assets, you're fine. You do NOT need a perfect credit score to get a loan.
Don't get me wrong. Some people who have decent scores aren't getting loans because they have collections out the wazooo, and they're behind on car payments and things like that. Do those people deserve loans? My opinion, NO! However, if you're current on all payments, and you have a decent (not perfect) track record, you are still VERY able to obtain a mortgage in today's market.
Please don't let news articles scare you. Call someone and ask specific questions about your specific situation for clarification before you make your own decision on whether or not you'll get approved.
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!
ARE YOU PACKED YET?!