Can I Buy A Home With My Credit Score?

Michelle Robinson, SVP Mortgage Loan Officer

A client recently visited my office in hopes to purchase their first home through the USDA loan product which allows for 100 percent financing.  At the time, the client didn’t meet the minimum credit score requirement for that product.  This score wasn’t due to derogatory credit or too much credit; it was simply due to limited credit history.  I spent time with this client and recommended a few things they could do to increase the score. After six months, the credit score had increased significantly!  This allowed the client to not only qualify for the USDA product, but it also allowed them to obtain a lower interest rate than expected.

The above example is just one of many that I have when it comes to clients being uncertain of their credit score and their ability to buy a new home.  But you don’t know unless you take steps to start the process. Your credit score may surprise you, and the fact that it’s high enough may surprise you even more.  The first step is to meet with a mortgage loan officer to see where you stand with your credit and what steps need to be taken to qualify. You have to start somewhere.

It’s true that everything in the mortgage industry is credit score driven. But what exactly is “good”? The minimum score requirement varies based on product type and many other factors. Some products allow for a lower minimum credit score than others.  The definition of “good credit” can vary quite considerably.
So maybe you don’t qualify for that loan at first, like the example mentioned above.  Here’s where we feel Bryant Bank is really different from many other banks. We do our best to develop a plan for the borrower. We want to provide the tools you can use so that you can come back and try again at a later date. Many banks may just reject someone who doesn’t meet the minimum required credit score and send them on their way. This person may then end up having to try again at another bank, then another, and they may eventually give up.

At Bryant Bank, we try our best to help encourage our customers in any way that we can.  It is our desire to see each of you fulfill your dreams of buying a new home, so give us a call today!

By Michelle Robinson, SVP, Mortgage Loan Officer (NMLS 780196)