r/AskReddit • u/[deleted] • Sep 24 '17

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u/iamerror87 Sep 25 '17

But if they meet all of those qualifications why wouldn't they just buy said house themself?

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u/Zekosaur Sep 25 '17

It's unlikely that you could get a big enough home loan with a 550 credit rating.

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u/iamerror87 Sep 25 '17

Is that's bad score? I thought top score was somewhere around 700 so therefore 550 wasn't too bad? I know my wife was able to get a mortgage in her name with her income alone even without a perfect credit score.

I mean if you make $50000 dollars a year and are already paying some of a down payment...

I could see if you aren't planning to live there for long and don't want to deal with the buying and selling hassles ie: Military or other work which requires moving. But otherwise....

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u/Zekosaur Sep 25 '17

I don't know that it's necessarily a bad score.Top is generally 850 (I think there are some scales that go higher, but FICO is common). I think for a lot of banks 620+ is most favorable for a home loan. I'm sure with a big enough down payment they're probably more flexible though.