The South Coast Real Estate Round-Up

Perfectly Good Home Buyers Left in the Dust

October 19th, 2012 8:40 AM by Christopher Terry

How do you feel about credit? About your personal credit? Have you thought about it? If you have thought about buying a home and will need a mortgage your credit score is more important than you may know.

Ellie Mae, the largest provider of software to the mortgage industry, has released a report with some surprising data about credit scores.

Can you guess what the AVERAGE credit score of an approved mortgage loan is? It's 750! That's the average.

Can you guess the average credit score of a denied mortgage loan? That's 704

I know what you're thinking. So What? Let me explain:

For people between the ages of 28 - 34 their average credit score is 649. So, what's their chances of becoming a homeowner?

For folks between the ages of 35 - 44? Well their average credit score is 645. How about their chances of becoming a homeowner?

How about people between the ages of 45 - 54? What's their average credit score? It's 658.

See a trend? Many perfectly good people are being left on the outside looking in, and in a time when homeonwership has never been more affordable! In fact, often times less costly than renting.

This doesn't mean that people within the average credit score range are not being financed. They Are! There are financing programs to help. FHA, RI Housing, MASS Housing, VA, USDA and so on. But not everyone qualifies for these programs. There are other restrictions besides credit scores.

If you are having difficulty qualifing for mortgage financing because of past credit issues there are solutions. You can get on track to becoming a homeowner. Credit repair is not hit or miss, there is a process to it. There are companies help make it happen. Here's a link to a video from Clean Slate that shows just how successful credit repair can be. Clean slate offers it's 640 or it's Free Guarantee. http://www.ezhomesearch.net/buyerbonus

Don't let your credit scores be a road block to your goals and dreams of homeowner.

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Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation and is the founder of EZ Home Search Real Estate Inc.

Posted in:General
Posted by Christopher Terry on October 19th, 2012 8:40 AM

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