Do you need high credit score to buy a home?

[Kamon c4]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

 

[maventiger]

@Kamon c4 Credit worthiness is one of the major requirements when seeking loan from financial institution like mortgage and commercial banks. The credit worthiness report makes it possible for the institution to determine if the loan seeker financial standings can repay the loan.

 

[Sincerem]

Their is nothing like that in my country, I know it works perfectly in other developed countries. But here in my country, we buy genuine house or land whenever you have money for that. You can even buy directly from the government based on your wealth level. Their is no law affecting you, that you need a certain level of credit score to purchase a house.

 

[alberello75]

I'm sorry, I'm sincere and I tell you that I have never heard, at least here in Italy where I live, about this credit score necessary for buy a home.
Obviously here (and I believe almost everywhere) if someone needs to buy a house through a loan, he / she must have a guarantor, or insurance.

 

[Kamon c4]

I'm sorry, I'm sincere and I tell you that I have never heard, at least here in Italy where I live, about this credit score necessary for buy a home.
Obviously here (and I believe almost everywhere) if someone needs to buy a house through a loan, he / she must have a guarantor, or insurance.

Do real estate companies accepts down payment in your locality? If yes, then credit worthiness is required to know the amount of down payments required for anyone planning to purchase a property. Please make more research. You can request for more information from the financial institutions you use

 

[Kayzzy3]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

Just as you right noted, credit score is needed to purchase properties in real estate when the prospective buyer wants to buy on credit bases.

But if I have the cash to pay for the property I want to buy, why doni need credit score, it's better to make the money then purchase the property you want without being indebted to anyone or company.

 

[Tiwa]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

Credit rating is not a common thing in my country .Most you can hear of credit rating (which is not exactly like applicable in other country is credit check -just a history of any bad loan or debt you have defaulted in paying .Nothing like a score or figure.And no, you dont need credit history to buy houses .Of course no reason, as mortgages and related contract is not a thing here.

 

[Kamon c4]

Just as you right noted, credit score is needed to purchase properties in real estate when the prospective buyer wants to buy on credit bases.

But if I have the cash to pay for the property I want to buy, why doni need credit score, it's better to make the money then purchase the property you want without being indebted to anyone or company.

A lot of real estates companies in my country allows down payments for the purchase of properties but they’ve constant amount for everyone. Though the credit score exists but it’s disregarded when purchasing properties on installmental payments.

 

[Bilal0087]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

In my country if you want to buy some land you don't have to show any extra amount or credit to buy it.
you just have to pay the actual price of land and some tax for agreement and land registry.

 

[Ifeayomi]

I don't think so you need need high score to buy a home. If you have your cash in your hand you can get what ever you want or you need. Money answer all questions and money can get you what ever you desire in life. But in case you don't have money and you desire to get a home for your self then you need high score of credit to do that for you because no one can get what he or she want with the attitude of frustrated. Your credit score matter in the case.

 

[GIFTMICHAEL]

We are free country men you have your money you get property at any given point in time.
There is no such stipulation or rules on scoring high credit record as condition before you will be allowed to start making purchases.
Somebody he is broke today can be rich tomorrow so looking his past credit worthiness will not matter much.

 

[Alexandoy]

In our country the bank mortgage requirements are capacity to pay and the collateral. Sometimes there is the co-maker in lieu of the collateral but it depends on the financial standing of the co-maker. Anyway, a borrower of the bank for a mortgage on a house should be free of other loans otherwise that can be an impediment to the approval. It is actually not easy to get a bank loan because they are very strict with the requirements.

 

[Richard92]

Yes in this part of the country you do not need credit score but you need to have a good job or good business at least before you can be able to purchase a house. However in some places they do not check all these things, as far you have the money to pay for the house or property all the ownership documents will be issued to you.

 

[Erik4150]

Yes you need a high credit score to rent a house. But it depends on the country, for instance in the UK immigrants and students need to have high credit score. No landlord wants a tenant who will not pay rent on time.

 

[Ralphjoe]

Well credit scores is a required condition for those that are seeking for loans in the bank for mortgage not for those that has their money in the bank to buy the property.

Banks utilizes this feature known as credit scores as a way to know a credit worthy people or companies. The scores increase as you take loans and repay it back.

 

[Seun4luv]

For most loan types, the credit score needed to buy a house is at least 520. But higher is better, and borrowers with scores of 840 or more will get the lowest interest rates. Getting higher score is better.

 

[Kamon c4]

For most loan types, the credit score needed to buy a house is at least 520. But higher is better, and borrowers with scores of 840 or more will get the lowest interest rates. Getting higher score is better.

People with lower credit score can also buy a home but their down payments will be higher than those people with high credit score. For example a person with 520 CS will pay more down payments compared to a person with a 1,200. CS

 

[GIFTMICHAEL]

This is a requirement in some country and a necessity.
Before you will be allowed to buy any property you must have high credit score.
This is not a necessity in my country you can buy a house or any property as long as you have the money regardless of the fact that you have agreed with the conditions.

 

[Mawome]

In my country I don't think there is anything like credit score, but what I clearly know is that if you are on need of loan in a bank, you must provide a guarantor at Least two persons, I don't think you can buy a house or any property with a guarantor no. Unless the owner accept it that way.

 

[Anaya Ali]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

Indeed, it serves as a trust for any company. In Pakistan, if we have to buy a property, a down payment is demanded and then an installment is made on a monthly basis. If there is a government employee, he can easily buy any property because he believes that the government employee has a salary every month. I think these things are important for everyone who works in a property.