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What Credit Score is Needed to Buy a Home in Vegas?

Buying a home can be exciting: the open houses, the conversations with neighbors, and all of the coffee offered at real estate offices and realtors who are showing off their shiny properties. In the city of Las Vegas, new homes are built constantly, and it’s easy to find a great home. When you find a great home, though, you might find, like most people, that you’ll need to take out a mortgage to pay for your new home. While this is a normal part of the process of home hunting, before you enter your first open house, you should have all of your purchasing credentials ready to go when you think you’re ready for your new home. The process of purchasing a home can be complicated – for example, if you’re interested in a desirable home located in a popular area, prepare to enter a bidding war. You may not have to, but everyone is looking for more space for less money, and to be close to schools and local amenities.

Buying a home in Las Vegas

Las Vegas is one of the fastest-growing markets, too, with more people moving there every day. With all of the competition from people moving in from out of state, native new home buyers, and those shopping for investment properties, it’s easy to become overwhelmed, so the best thing that you can do for yourself is ensure that you are competitive for the property of your dreams. Working closely with your bank and a local real estate agent will help you through the crucial first step before choosing your home: evaluating your credit.

Why Does Credit Matter in Las Vegas?

Credit is a financial institution’s main way of evaluating your risk as a lendee. Your credit measures how likely or unlikely you are to pay your bills, in this case, your mortgage, on time, and in full. If you’re paying cash for your home, or have another arrangement with the homeowner, your credit might matter less. Don’t count on this, though: anyone can pull your credit report, so long as they have your information. A person selling their home to another person may want to check your credit before entering into a payment arrangement with you, but most people do not have the good fortune to be able to pay cash for their homes.

This is where credit matters. As your financial institution works with you to help you with the purchase of your new home, your credit will be central in determining whether or not they will be able to help you with a mortgage. If your credit is very good, meaning a FICO score of over 700, it is relatively easy to find a bank that will offer you a mortgage. With a credit score of less than 600, you may be able to find a bank that is willing to give you a mortgage, but it will be much harder, might not be your bank of choice, and your rates will inevitably rise.

So, you see, not only could your credit score put a serious cramp in your Las Vegas style, it can potentially stop you from buying the home that you want for you and/or your family.

What Credit Score is Needed to Buy a Home in Las Vegas?

The answer to this question is far from simple, but there are some basic guidelines that can help: First, understand that there are financial institutions willing to assist those with below-average credit. For reference, the average credit score of a homebuyer, in or out of Las Vegas, is around 695 – good enough for most mortgage situations, but just low enough to keep you from getting the best-possible rates for your mortgage.

The reason this is a big deal has to do with the amount you pay for your monthly mortgage, but also has to do with the total amount of money that you pay for your home. Over time, a person with a higher credit score with a low-rate mortgage will pay less in fees and interest than a person with questionable credit. Even in the great City of Las Vegas, where the new homes are plentiful, and some have even been on the market longer than expected, a high credit score will get you more bang for your buck.

Second, understand that, though some will, not all financial institutions are willing to work with someone with a below-average credit score. Perhaps this doesn’t need to be said, but always consider that as you’re planning to shop for a new home. There is another way to get a safe and affordable mortgage, though, if your credit score is below what a bank can provide to you. FHA loans could be the move that puts you in the home you’ve been waiting for.

What are FHA Loans?

Simply put, FHA loans are the home loans for everyone, even if you’re eligible for a mortgage from a bank. FHA loan rates work in virtually same way as bank loans – high credit scores will have more and better options. Unlike traditional home mortgages, though, FHA loans are willing to work with home buyers with credit scores as low as 500. Before you get too excited, though, know that, before you can actually purchase your home, you have to pay a downpayment. People with excellent credit may be able to get a home for very little down, but lower credit scores with spotty credit histories may be asked for as much as ten percent down. The magic of FHA home loans, though, is that you have a new opportunity to rebuild your credit over the life of your loan. While there’s no guarantee that you will be able to improve your current mortgage rates, it is possible that later, with a better credit score, you’ll be able to refinance your home. Refinancing your home could possibly yield a lower interest rate, a lower overall mortgage payment, or a fixed-rate mortgage.  

Buying a Home in Las Vegas

Wherever you go, buying a home is a new adventure. It will always be important to be mindful of paying your bills on-time, and to choose an affordable home, but always make sure to utilize all of your options. For additional questions about purchasing a home, whether it’s your first, or your fifth, reach out to a well-reputed local real estate agent.

Ricki Irwin
Ricki Irwin
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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