Concerned over whether or not your credit score is strong enough to qualify for a mortgage? You’re not alone. Actually, you’re as plentiful as a plethora of penguins. Which is called a waddle, if you care. But don’t fret. Sure, lending standards have recently become stricter and the national average crests 750, but while more stringent standards could pose a challenge for some, you’d be surprised by the options that are still available for borrowers with lower credit scores.
It’s easy to see the data and fear that you may not be able to qualify for a mortgage, however, that’s not always the case. While the majority of borrowers right now have a score above 750, there’s more to qualifying for a mortgage than just the credit score, and there are still options that allow people with lower credit scores to buy their dream home.
There’s no doubt a higher credit score will give you more options and better terms when applying for a mortgage, especially when lending is as tight as it is right now. When planning to buy a home, speaking to an expert about steps you can take to improve your credit score is essential so you’re in the best position possible. However, don’t rule yourself out if your score is less than perfect – today’s market is still full of opportunities.
What You Need to Know
Don’t let assumptions about whether your credit score is strong enough put a premature end to your homeownership goals. Contact your local real estate professional today to discuss the options that are best for you.