Real Estate by Debbie Reynolds: May 2017

What It Means When the Lender Says the Buyer's Clean

What It Means When the Lender Says the Buyer's Clean

Golden dealThis has nothing to do with the personal hygiene of the buyer. Though it is always pleasant to work with someone that takes care in their personal appearance.

Recently a lender talked to one on my prospects to render an opinion as to whether he could buy a house. There are several things the lender does before a verdict is given.

The lender has a counseling session asking about assets, credit history, job history and runs a credit report. When the credit report comes back the lender is looking for red flags like low credit scoring, judgements, bankruptcies, slow pays and too many oen accounts. 

One alone doesn't mean the buyer cannot buy and timing has to do with many of these roadblocks. It may mean that the buyer has some cleaning up to do in the credit department. Even some accounts may be reporting incorrectly and these can be made right. The verdict we look for is that the buyer is clean meaning there are no show stoppers showing on the credit report. We can go find a house.

The homes the buyer may have in mind may be over the amount the lender says works for debt ot income ratio. Some scaling back may be in order or putting more downpayment into the home. Either or both of these may need to be done.

A buyer with clean credit has many more options and the loan processing goes smoother and quicker. There is a less likely chance that the underwriter will ask for explanations or additional documentation that could hold up the closing. Clean credit is what we agents want to hear as it means we have a green light to move forward.

It is always a good idea for a buyer to be checked out before he starts his home search. Real estate agents have working relationships with lenders and know who and who is not good at their jobs. So step one is to contact a good agent and listen to those recommendations.

The lender should be a strong well respected lender in the industry. So when words like clean are used, you know that the buyer is ready. I hear lenders use terms like this to indicate that it should be smooth sailing. Lenders cannot share credit scoring with real estate agents as this is protected under the privacy act. They choose words that convey the picture that the buyer's credit looks ready to go.

When you hear these words be ready to start looking for a new home.

The buyer's pristine.

Great scores, smooth sailing.

Excellent report.

Squeaky clean. Good to go.

The buyer is golden.

A piece of cake.

Cream of the crop.

Clean and ready to go.


What Does It Mean When the Lender Says the Buyer's Clean

When you are ready to buy a Clarksville TN home, I will direct you to a quality lender that can assess your credit and determine what you are qualified to buy. Contact Debbie Reynolds, Clarksville TN Real Estate Agent first. 931-320-6730

Photo courtesy of digilart/


 Centruy 21 Platinum Properties2130 Wilma Rudolph Blvd.

Clarksville, TN 37040

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

Debbie Reynolds
"The Real Debbie Reynolds"

Check out all Clarksville TN Real Estate on My Website

931-771-9070 Office | 931-320-6730 Cell

Clarksville TN Homes 


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Comment balloon 32 commentsDebbie Reynolds • May 13 2017 01:50PM
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