The Credit Score Myth That’s Holding Would-Be Buyers Back

Most would-be homebuyers aren’t waiting because they don’t want to buy.
They’re waiting because they think they can’t.

And for many, it comes down to one thing: credit score fear.

A Bankrate survey shows 42% of Americans believe you need excellent credit to qualify for a mortgage. That belief alone keeps countless renters on the sidelines even when homeownership may be closer than they think.

If you’ve ever looked at your credit score and thought, “I’m not there yet, so buying isn’t realistic,” you’re not alone.

But here’s the truth most people never hear.

You Don’t Need Perfect Credit To Buy a Home

A big part of this myth comes from looking at averages without context.

According to the New York Fed, the median credit score for today’s homebuyers is 775. Seeing that number can make buying feel completely out of reach.

But median doesn’t mean minimum.

Recent buyer data shows that many people qualify with scores well below that. In fact, about 10% of recent buyers had scores around 660, with some higher and some lower.

Translation?
A less-than-perfect score does not automatically disqualify you.

There Is No One “Magic” Credit Score

This is where things get even more important.

FICO itself explains that there’s no universal cutoff score for buying a home. Each lender evaluates risk differently and looks at more than just one number.

Lenders may also consider:

• Income and employment history

• Debt-to-income ratio

• Down payment amount

• Cash reserves

• Overall financial stability

That’s why two buyers with the same credit score can have very different outcomes.

This is something Joseph Malerba Real Estate, eXp Realty sees often when helping first-time buyers across Connecticut especially those who assumed they needed “perfect” credit before even starting the conversation.

Waiting Because of Credit Can Cost You More Than You Think

Your credit score does matter. But waiting years to hit an arbitrary number can sometimes do more harm than good.

While you’re waiting:

• Home prices may continue to rise
  Rent payments keep increasing

• Equity opportunities pass you by

In many cases, buyers could have qualified sooner with the right guidance and the right lender, they just didn’t know it.

The Smarter First Step

The first step toward buying isn’t committing to a house.
It’s understanding your real options.

A quick conversation with a trusted local lender can tell you:

• Where you stand today

• What loan programs may fit your situation

• What small steps could improve your buying power

You don’t need everything figured out to start. You just need accurate information.

And when you’re ready to explore what homeownership could look like in Connecticut, working with a knowledgeable local expert like Joseph Malerba, top Realtor in CT with eXp Realty can make the process clearer, calmer, and far less intimidating.

Your credit score doesn’t have to be perfect, it just has to be understood.

If credit has been the reason you’ve been holding back, it may be time to take another look. A simple, no-pressure conversation could change what you thought was possible.

When you’re ready, Joseph Malerba Real Estate, eXp Realty is here to help you take that next step with clarity and confidence.