You’ll learn how credit can have a positive or negative impact on your home buying power and what you can do to secure financing if your credit score is low.
When buying a home, your credit can have both a positive and negative impact.
Many people are nervous that they can’t buy a home because they can’t secure financing due to credit. In the past, getting financing was much easier. In fact, you could even get financing through something called ‘stated income,’ where you would tell a creditor how much money you made in a year and they wouldn’t even run a credit check!
Ultimately, anyone could borrow money. That’s how we ended up in a financial crisis in the mid- to late-2000s.
Today, we recommend you start by visiting with a loan officer to talk about strategies to offset your credit score if yours is low. A loan officer has other things they can do to help you build stronger credit, too.
There are usually loan options available to people with lower credit, as well. If you have any questions about your ability to secure a loan or to find out more about your buying power, we’d be happy to put you in touch with one of our qualified loan officers.
If you have any questions about the real estate market here in Omaha or you’re thinking about buying or selling a home, give us a call or send us an email. We’d be happy to help!