What is a "Good Credit" Score for a Mortgage?
Can you have bad credit and still buy a house in Utah?
Do you have bad credit? Can you still have bad credit and buy a home in Utah? Well, the answer to this question is, "it depends". This all depends on what your credit score is, your credit history, how much down payment you have, amount of reserves you have in your bank account and which lender you use.
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According to the two charts above, bad credit and good credit can mean very different score ranges. So which is right? In the end, it doesn't matter if your credit is "good or bad" as these views can differ depending on whom you talk to. What matters is what your "middle" score is. What is a middle score? When you get your credit score, you're actually getting three scores from three different bureaus. The middle score is the score that is between the highest and the lowest. For example, if your credit scores are 640, 620 and 580, your middle score would be 620. Minimum credit score requirements for loans can vary depending on what loan product you're needing and which lender you're using.
Federally insured loans start at a credit score of 500 and go up from there. Now a 500 credit score is by no means "good", but loans can be done. Lenders that are willing to go down to a 500 credit score (500-579) are hard to come by and require a 10% down payment requirement. If you have a 580 credit score, only a 3.5% down payment is required. Most down payment assistance programs start at 620 and can go up from there.
Different lenders can help you qualify for different loan programs. So if you are having a problem saving for a down payment and will need down payment assistance, it is best to work on your credit to and raise that score.
We can help you with credit repair and we will credit you back up to 6 months worth of credit repair when you close on your home. That's up to $633 back that can be used towards closing costs. So if you want to buy a home with bad credit or a bankruptcy in Utah, let us know! We will help you find a solution that best suits your needs. Follow this link to read about our no obligation credit repair program. https://rent2ownutahhomes.com/Credit-Restoration-Credit-Builder
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