Do You Need A Fico Score To Buy A Home

Do You Need A Fico Score To Buy A Home

Hello. RJ Baxter here at Fairway Independent Mortgage. Hope you guys are having an awesome week and staying COVID free. Do you need a fico score to buy a home…we’ll talk about that this week. A lot of people think that you need to absolutely have a credit score in order to qualify for a mortgage, but that’s actually not true. You can buy a home and qualify for a mortgage without a credit score. There’s just a few more hoops you have to jump through in order to qualify.

You have to do a few things like, for example, document your rent history if you’re a renter for 12 months. You have to build what’s called alternative credit, so you need to provide proof of 12 months of payments on alternative things that you pay on, like your cell phone bill, your electric bill, your trash bill, your cable bill. These are just a few examples of the different things that you can provide. There’s some other requirements also, but it is possible to qualify for a mortgage without a credit score.

If you already have a credit score and you’re wondering how credit card balances affect your credit score, go check out that blog post and video!

So, if you’re trying to build your credit and you just don’t have a credit score yet, or you’re unsure about what to do, give me a call. I’m happy to help you out with this and explain it in more detail and to help you with how to qualify for a mortgage right now, because just having a mortgage alone and paying that mortgage on time can help you to build a credit score, and a positive credit score at that. There’s no better time than the present to get going on it. Just give me a call in the office, text me, or email me. My number is 303-670-0137 and email is baxterteam@fairwaymc.com. You guys have a great rest of your day. Appreciate your watching.