Credit Rating Matters ?
Hello,
Working my first L/O Purchase.
Married Tenant/Buyer has 550/580 scores. Does the score matter or whats on the rating that determines the score ?
How likely would they be to get financing 1 yr later ? ( lease term ).
Appreciate any input
Depends on the lender. Some don't care as much about credit, but the interest rate will be high.
[addsig]
I would find a broker and get them to sit down with him/her to understand credit and how they could take steps to boost their fico within the year. Their interest rate would probably decrease and they would be happy with affordable payments. That would possibly be a way to have an assured sale after the year. Most people are unaware as to how to raise their fico.