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HOW IMPORTANT
IS CREDIT HISTORY?
You are not alone if you were affected adversely by the last, deep recession. Unemployment reached its peak and many families had trouble paying bills. Say, this was your position. Your credit rating had sunk to a new low. However, you are now back at work and have saved enough for a down payment on a home. Will your poor, past credit picture prevent you from getting a home loan?
Maybe and maybe not. The lender will look at many factors, especially the appraisal of the home to determine its value as collateral. Also looked at, will be the amount of the down payment, your total family income and, yes, also your past credit history. So, your credit history is only one of many factors to be considered.
If your credit has improved markedly, it would be to your advantage to contact your local credit agency for a copy of your file. If there are discrepancies, have them cleared up. When you approach the bank, be honest and forthright and your chances for approval will be enhanced.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 6753400. We’re here to help.
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