Do you need high credit score to buy a home?

[07Trinity]

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?

If it as to do with rental it's very important,but making purchase,well it's not really important depending on the needs of the seller. But to be on a safe side it's good you request for it to have prior knowledge on who you are dealing with.

 

[Kubiat-Abasi]

Yes, you need a high credit score if you should buy a home. Most borrowing outlets don't even give out loans or approve them for people without high credit scores because they don't want to take chances.

 

[Mayox25]

Except you are not going to pay in full the cost of the property you purchase it is only then your credit score ratings is needed,but if you are paying in full then your credit score rating will not be needed.

 

[greenie]

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.