Real estate Q&A: I have no debt but a low credit score. How can I get association approval to purchase condo?




  • In Business
  • 2021-12-23 18:25:00Z
  • By South Florida Sun Sentinel

Q: I am having trouble getting approved to buy a condo due to my lack of credit. I do not use a credit card and have more than enough money saved up to purchase my new home without a mortgage. Because I have no debt, my credit score is low and I am being denied approval by the association. What can I do? - Rose

A: Many community associations have the right to screen prospective buyers. While an association may not discriminate, it can look at income, credit score and other objective factors.

While it is commendable to have no debt and avoid the temptations that come with credit cards, a solid credit score is helpful.

For example, your credit history can be used to determine the price you pay for insurance and, as you have found out, whether you can purchase a new home.

There are reasons why a credit score can indicate whether someone will timely pay their association dues.

Even so, the system is far from perfect, as you know.

Your first step is to speak with the association and explain why your credit score is low. Ask them to look beyond the score at the details.

Another option is offering to prepay a year of association dues to alleviate any concerns. Because you are not a member of the association, it does not have to deal with you, so you should get the seller involved to lobby for your approval.

I have found that most associations will take a deeper look and work with a prospective buyer in situations such as yours.

If this does not work, you may need to look for a condo in a more flexible community. Each association has different standards, and some do not even look at credit scores.

Another option is to build your credit score. Plenty of resources will walk you through establishing credit to raise your score quickly.

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • gaxsetsIsof
    (2022-01-11 17:23:59Z)

    Get must always buy faster faster saad dumps best for bets
    http://forum.lizzardco.com/member.php?action=profile&uid=3603
    http://sretenie.hram.by/forum/index.php?action=profile;u=7135
    http://polserwis.ru/index.php?action=profile;u=8503
    http://korners.kiev.ua/communication/forum/user/38391/
    https://hellenicnews.com/author/jraghenano/
    https://forum.vkontakte.dj/member.php?11898-jraghemasy
    http://www.mobclan.com/forums/upload/index.php?showuser=184283
    http://www.wagpod.com/author/jraghemt/
    https://www.nova-it.ru/support/forum/index.php?PAGE_NAME=profile_view&UID=35854
    https://aeg-line.ru/communication/forum/user/147746/
    https://www.seogolddirectory.info/author/jraghedak/
    https://www.muttsworldmine.com/forums/user/403051-jragheea/
    http://www.italian-style.ru/Nasha_kompanija/forum/?PAGE_NAME=profile_view&UID=22941
    https://www.boardle.io/users/jraghegop-jraghegop
    http://forum.unm.org.ua/viewtopic.php?f=16&t=38086

    REPLY
  • begateagIsof
    (2022-01-11 22:40:22Z)

    Get must always buy faster faster asda dumps best for bets
    http://4.dburn.ru/users/vefatefei
    http://forum.mir.dn.ua/index.php?showuser=1941007
    http://www.medlinks.ru/user.php?op=userinfo&bypass=1&uname=yludef
    http://forum.aunbox.com/member.php?4536163-vefatefNix&s=940e57fd244dde53e66036031cd1c075
    http://caravaning.in.ua/forum/memberlist.php?mode=viewprofile&u=17519
    http://pharmacyhq.com/forum/profile.php?id=295391
    https://bestnet.ru/support/forum/index.php?PAGE_NAME=profile_view&UID=105181
    http://julien.havez.free.fr/forum/profile.php?mode=viewprofile&u=18342
    http://www.galeevmm.ru/forum/memberlist.php?mode=viewprofile&u=332228
    http://bbs.gm88.top/home.php?mod=space&uid=121240
    https://www.nova-it.ru/support/forum/index.php?PAGE_NAME=profile_view&UID=36400
    http://it-module.com.ua/club/user/45/blog/1300/
    http://ultras.org.ua/forum/profile.php?mode=viewprofile&u=304656
    http://master.of.web.free.fr/profile.php?mode=viewprofile&u=16039
    https://sandyvr.com/forum/member.php?action=profile&uid=23754

    REPLY
  • begateagIsof
    (2022-01-12 00:15:44Z)

    Get must always buy faster saew afew dumps best for bets
    https://iyihaltyedin.com/member.php?action=profile&uid=6587
    https://moujmasti.com/member.php?65958-vefatefref
    https://qr-pets.info/forum/index.php?action=profile;u=14697
    http://vetstate.ru/forum/?PAGE_NAME=profile_view&UID=58087
    https://packscity.com/User-vefatefnisy
    http://www.mikrei.com/canforum/member.php?action=profile&uid=210232
    http://cf-team.ru/users/1711
    http://corinfotech.ru/forum/user/21727/
    http://www.darkside.ru/user/yfowizy/
    http://manga.sensations.free.fr/forum/index.php?showuser=861745
    http://avtomaster.liveforums.ru/viewtopic.php?id=8593#p17474
    http://forum.cabal.playthisgame.com/member.php?1148670-vefatefRand
    https://pribor-electro.ru/forum/user/5470/
    https://remontsvoimirukami.ru/threads/ivakon-stroj-metallicheskie-konstrukcii-i-professionalnye-uslugi.3388/
    https://magazin.orgsoft.ru/forum/user/9797/

    REPLY
  • begateagIsof
    (2022-01-12 02:08:57Z)

    Get must always buy saew sde ddgd dumps best for bets
    http://b-buh.ru/communication/forum/user/53392/
    https://www.3ak.cn/home.php?mod=space&uid=204443
    http://old.nlrs.ru/forum/index.php?PAGE_NAME=profile_view&UID=30634
    https://forum.flashxcode.com/member.php?action=profile&uid=1968
    http://www.italian-style.ru/Nasha_kompanija/forum/?PAGE_NAME=profile_view&UID=23768
    http://japonecauto.ru/forum/user/24813/
    http://www.detiseti.ru/modules/newbb_plus/viewtopic.php?topic_id=41974&post_id=185018&order=0&viewmode=flat&pid=0&forum=13#185018
    https://couponretails.com/author/vefatefnert/
    http://fetissit.foorumimme.com/memberlist.php?mode=viewprofile&u=977
    http://mail.empyrethegame.com/forum/memberlist.php?mode=viewprofile&u=124252
    https://forum.illaftrain.co.uk/member.php?u=53322
    https://satori-dv.ru/communication/forum/user/234931/
    https://www.gamingalexandria.com/forum/user-5308.html
    https://securityhax.com/forum/member.php?action=profile&uid=3612
    http://www.fvrc.ru/forums/index.php?action=profile;u=148834

    REPLY

Top News: Business