Buyers With Lower Credit Facing Greater Odds in Such a Competitive Market
It's fair to say that buying a home or a property is an arduous task for just about everyone, but if you suffer from bad or even just lower credit, the challenge becomes even more cumbersome. Obviously, credit scores are one the factors used to help to determine one's ability to repay a loan or mortgage, so it stands to reason that lower or damaged credit could be an obstacle for those who suffer from it. In the face of the rising cost of housing, the uncertainties of the labor market over the last 14 months, and the severely depleted inventory of both new and re-sale construction homes available, retaining the highest credit rating possible is more important than ever. The same holds true even if interested in rental opportunities as they are also fewer and further between, and most now look at your credit score as well.
Of all the statistics pointed out in the accompanying article, the most telling one that we saw was the drastic difference in the percentage of those with low or bad credit who were working with a Realtor®, Agent, or Lender (+,-8%) to those with good or even great credit scores (+,- 46%, 34% respectively). Regardless of the situation, seeking professional help in the Buying process is one that we STRONGLY recommend, and if your credit could be an additional hurdle it's even MORE important to seek the guidance of these industry professionals. Between their knowledge of the market place, potential programs offering financial assistance to Buyers, mortgages available for lower or damaged credit applicants, and potentially even credit restoration companies or vehicles available, seeking their assistance could be the difference in whether you're able to buy at all. The more you know!
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