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One of the biggest misconceptions about homeownership is that you need perfect credit to qualify for a mortgage. The truth is, many people who become homeowners have faced financial challenges at some point, from missed payments and high credit card balances to collections and unexpected hardships. Those situations don’t make someone any less deserving of a place to call home.
At Betenbough Homes, we believe everyone deserves the opportunity to pursue homeownership!
Credit is a lot like a game of chess. Most of us were never taught the rules, how to play, or how to win. Many people are simply trying to figure it out as they go. But having a low credit score today does not mean homeownership is out of reach forever.
Sometimes, it just takes the right team, the right strategy, and a little time.
Step 1: Understand What's Affecting Your Credit
Your credit score is made up of several different factors. Some have a much bigger impact than others.
Here are the biggest things that influence your score:
- Payment History: This is the biggest factor affecting your credit. Late or missed payments can significantly impact your score.
- Credit Utilization: This refers to how much of your available credit you’re using. Ideally, credit card balances should stay below 30% of your limit, and under 10% is even better!
- Length of Credit History: Older accounts can actually help your score because they show longer-term credit behavior.
- Credit Mix: Having a healthy mix of accounts, like credit cards and loans, can positively impact your score.
- New Credit Inquiries: Opening too many new accounts in a short period of time can temporarily lower your score.
The good news? Credit can improve over time with intentional steps and guidance.
Step 2: Identify Opportunities for Improvement
Credit repair is more than a short-term solution for buying a home. It’s an opportunity to better understand how credit works and how to manage it moving forward.
Depending on your situation, improving your credit could include:
- Disputing incorrect late payments
- Removing accounts that aren’t yours
- Fixing inaccurate balances or account statuses
- Addressing outdated or duplicate collections
- Paying bills consistently and on time
- Lowering credit card balances
- Avoiding too many new credit applications
- Keeping older accounts open when possible
- Strategically managing collections or payoffs
Every buyer’s financial story is different, which is why the process is designed to create a personalized plan based on individual goals and opportunities for improvement.
Step 3: Work with a Team That Knows the Process
At Betenbough Homes, we partner with trusted preferred lenders and Credit Firm, Inc. to help create a path toward homeownership, even for buyers who may not be ready today.
The team at Credit Firm, Inc. specializes in understanding credit and helping buyers improve it strategically. They know the “rules of the game” and help buyers build a plan designed around their goals.
Together, Betenbough Homes, Credit Firm, Inc., and your lender work as a team to help buyers stay encouraged, informed, and on track throughout the process.
Step 4: Take Advantage of the Credit Repair Partnership
Betenbough Homes believes so strongly in making homeownership attainable, so we cover the majority of the cost for qualified buyers working through our partnership program with Credit Firm, Inc. Buyers can expect to pay only around $200 for the program when partnering through Betenbough Homes.
Download the Free Credit Checklist
Improving your credit can feel overwhelming when you don’t know where to begin. That’s why we created a simple step-by-step checklist to help you better understand the habits, actions, and next steps that can help prepare you for homeownership.
Whether you’re ready to buy now or just starting to explore your options, this checklist is designed to help you move forward with confidence!
Important Note: Your Information Stays Confidential
Privacy is important throughout the process. Betenbough Homes does not have access to a buyer’s personal credit information. That information remains confidential between the buyer and Credit Firm, Inc. In some cases, general timelines or progress updates may be shared with the sales team simply to help support the home buying journey.
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