St Casimirs Mortgage Minute

Potential Homebuyers Sidelined Until Their Credit Improves

According to a recent Experian survey, 34 percent of future home buyers believe their chances of owning a home are threatened by their credit scores, and 45 percent have delayed homeownership to work on improving their credit scores. Close to 70 percent of those polled are paying their bills on time, 60 percent are paying off debt, 28 percent are keeping credit card balances low, and 15 percent are protecting their credit information from identity theft and fraud. Twenty percent of those delaying home purchases said they would opt out of the loan process or delay homeownership for another five to 10 years, and 45 percent were holding off to obtain better interest rates. Furthermore, 35 percent of future buyers said they did not know what to do to increase the amount they qualify for, and close to 33 percent said they would purchase a pricier home if they had better credit and a bigger loan amount.

From "Potential Homebuyers Sidelined Until Their Credit Improves"
HousingWire (04/20/16) Ramírez, Kelsey