@Anonymous wrote:
Maybe bringing up Dave Ramsey shied this thread away from my focal question.
My main question is that if someone swears off ALL credit except for the mortgage, tanks their FICO score, and can prove they have sufficient income to buy a home, is the actual FICO score important in the homebuying process since the bank is going to look at your whole financial situation anyway?
IF you can't get above select FICO hurdles (which vary by loan product) you cannot get any of the traditional home loans (conventional, FHA, VA, USDA to name a few) and are stuck with something like an asset-based mortgage which in my experience is always going to be more expensive.
Having a lower or no credit score doesn't matter until you need it, and if you need it and it's not there, you will pay more and that's inescapable. If you can live on cash for the rest of your life, bueno suerte, but I wouldn't bet on that.
