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Monique S., Home Buyer in Phoenix, AZ

Any lenders in AZ who use the Vantage Score vs the Fico?

Asked by Monique S., Phoenix, AZ Sat Jul 27, 2013

My friend in Michigan recently got a home loan based off her vantage score with a 5% interest rate. Do any lenders in AZ offer mortgage loans based off the Vantage score? My fico middle is 585, my vantage is 667

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Lenders do not use the vantage score, the minimum required score for a home loan is 560-580 with FHA and VA. We specialize in helping borrowers find lenders that offer difficult loans most lenders cannot touch. I have helped hundreds of people get approved for home loans with scores under 600.. We can help you find the right lender that offers a loan product that fits your situation.
1 vote Thank Flag Link Mon Nov 18, 2013
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140


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0 votes Thank Flag Link Tue Nov 19, 2013
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