Do I Need a Credit Score To Buy a Home?

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 6 September 2021

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Christy Wright, Dr. John Delony, and George Kamel. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:12.2	Today's question comes from David in Pennsylvania. I would like to purchase a small house. My neighbor, who's a realtor, says I have to have a credit score to get a mortgage.
0:22.2	I'm 18 years old, and I'm not too sure what to do. I was inspired by you not to get a credit
0:27.4	cards, so I use debit cards or pay with cash. Do I need to establish a credit score to buy a home?
0:33.8	The age old question. Well, this one's easy because I did it without a credit score.
0:38.5	Oh, there we go.
0:39.5	Personal testimony.
0:40.5	Real-life proof.
0:41.5	You are a homeowner and you did not pay cash.
0:45.5	You got a mortgage.
0:46.2	We got a mortgage.
0:47.1	And you did it without a credit score.
0:48.2	And we did it with no score.
0:49.3	Wait a minute.
0:49.8	Are you real?
0:50.8	We're not real.
0:51.6	You're a robot.
0:52.1	We're not real. You're a robot. For figments of your imagination. This is the funniest part, Dave. We get this
0:55.9	a lot, and we talk about manual underwriting. We talk about no score loans. Of course, our friends
1:00.9	at Churchill Mortgage, you do these all day long. But for some reason, people go, it's so
1:06.0	much work. Oh my gosh, you can't imagine how much work it is to get a no-score loan. What did you have to do?
1:11.9	I literally had to look up maybe three utility payments.
	...

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