To qualify a buyer before the lender, ask four money questions on your first real call: their exact credit score, their job and income, how much cash they have for closing, and whether anyone is buying with them. Then sort them. In our group, 620 or higher, book the lender. 580 to 619, book only if they have real savings. Under 580, don't book yet; nurture them. Here's why this matters and how I want you to do it.
The short answer
Desperate agents send everyone to the lender. That wastes the lender's time, burns your relationship with them, and embarrasses the buyer when they get turned down. Thorough agents ask first. They send the lender buyers who can close, and they help the rest get ready. Thorough means more closings.
Step by step
- Earn the right to ask. Talk about homes first. Then: "So I send you to the right person, can I ask a few quick money questions?"
- Ask the four questions.
- "What's your credit score? The actual number, if you know it."
- "What do you do for work, and about how much do you make a year?"
- "How much do you have saved for down payment and closing costs?"
- "Is anyone buying with you?" If yes, ask the same questions about them.
- Push for the real score. "About 600" isn't a number. If they don't know, send them to AnnualCreditReport.com for free reports, or many banking apps show a score.
- Sort them. These are our group's floors. Your lender may set different ones.
| Situation | What you do |
|---|---|
| 620+ | Talk down payment assistance. Book the lender. |
| 580 to 619 with real savings | Book the lender for FHA with their own down payment. |
| 580 to 619, little savings | Nurture. Help them save and build credit. Check back in 60 to 90 days. |
| Under 580, or won't share | Don't book. Nurture. Task in 60 to 90 days. |
| Veteran | VA may allow some flexibility. Ask the lender. |
- Book it right. Put the appointment on the calendar. Tell the lender what you already know so the buyer doesn't repeat it.
- Say the lender line right. "Many of our buyers use this lender and like them. You can use any lender you choose." Follow your brokerage's rules on lender referrals.
- Write it down. Score, income, savings, co-borrower, decision. In your CRM, today.
A worked example (illustration only)
Three leads call on the same day:
- Lead A: 680 score, $68,000 a year, $3,000 saved. → 620+. Talk DPA. Book the lender.
- Lead B: 600 score, $55,000 a year, $16,000 saved. → 580 to 619 with savings. Book the lender for FHA.
- Lead C: "Not sure, maybe 550," $2,000 saved. → Don't book. Send to free credit reports. Task in 60 days. Keep sending homes.
Illustration only. Each lender sets its own credit, income and savings requirements.
How to explain it to your client
"I ask everyone these questions, and here's why. I don't want to send you to a lender and have it go sideways. That's a waste of your time and it can feel awful. If the numbers are there, I'll get you to a great lender today. If they're close, I'll tell you exactly what to work on, and I'll keep sending you homes so you're ready when it's time. Either way, I'm in your corner."
Watch-outs
- Never pre-approve anyone yourself. You qualify for a conversation. The lender approves.
- Never quote rates. "The lender will give you real numbers."
- No credit repair promises. Don't promise a score will rise.
- Same questions for everyone. Ask every buyer the same money questions, every time. Fair housing protects people, so judge only the numbers.
- Don't shame anyone. A low score is a timeline, not a verdict.
- RESPA. Never accept anything of value for a lender referral.
This is training for real estate agents. It isn't legal or lending advice. A licensed loan officer approves loans. Check with your managing broker.
Questions
Isn't asking about credit rude?
Not if you explain why. Buyers appreciate an agent who protects their time.
What if they won't tell me their score?
Don't book the lender yet. Send homes, build trust, ask again on the next call.
Can a 580 buyer get a loan?
Sometimes, with FHA and their own down payment. The lender decides.
What about income?
Low income can limit what they qualify for, even with good credit. Let the lender run the debt-to-income math.
Where do buyers check their credit for free?
AnnualCreditReport.com, the official free source.
Brian Lee Burke is the founder of PadLeaders, a Colorado real estate broker licensed since 2003, team leader of The Kenna Group at Keller Williams DTC (formerly Kenna Real Estate Group) and the author of Mastering Real Estate and The Real Estate Playbook. More about Brian.