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Brian, Home Buyer in Hillsboro, OR

Any one know of any lender will work with FICO 510 with 30% down?

Asked by Brian, Hillsboro, OR Wed Apr 4, 2012

Hi, I live in Oregon. And currently looking to buy a house for $350,000. I can put down 30%, but my credit is poor, at 510. Any one know of any lender will work with me?

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Answers

8
Brian:

Unfortunately not. Lenders require 620-640.. If you need help improving your credit scores please visit my blogs here on Trulia or you can contact my office. We guarantee to improve your credit scores so that you can qualify for a mortgage.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Fri Apr 26, 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://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.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

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
0 votes Thank Flag Link Mon Apr 16, 2012
I am a real estate agent in washington county - i.e. Hillsboro. Went to an investor fair in Portland yesterday and found a lender that can work with you to get into a house given your current situation. Give me a call or email.

Thanks,
Kim Fox
RESIDE REALTY
503.701.8314
kimraefox@gmail.com
0 votes Thank Flag Link Fri Apr 6, 2012
0 votes Thank Flag Link Fri Apr 6, 2012
Hi Brian,

I have an investor listing where they may be willing to carry a contract. The mls # is 12255026. Let me know if interested in this property.

I work a lot with investors and can find you a property and make it work for you in your current financial FICO score holding pattern. With your 30% down, I'm sure I have resources that can help you get into a home.

Thanks,
Kim
Real Estate Broker
Reside Realty
503.701.8314
0 votes Thank Flag Link Thu Apr 5, 2012
Thanks Kim! I am currently looking for house in Hillsboro only due to my kids are not willing to change school. Let me know if you have property in the area.
Flag Thu Apr 5, 2012
I too know of someone in Salem, Custom Mortgage, they work with private folks that loan money, as well as the conventional list of lenders. So try them. Or Patrick will tell you what you need to do to get your scores up before purchasing.

HLR
0 votes Thank Flag Link Thu Apr 5, 2012
Thank you, I'll look forward to it.
Flag Thu Apr 5, 2012
I have a lender I work with that has private money that can work with you until your credit scroes get better - I am in Grants Pass, OR but I am sure you can get them to help. If you want to give me a call I will get you a name and number. It is private money though so interest rates are much higher!
Lana
541-956-5510
0 votes Thank Flag Link Thu Apr 5, 2012
Thank you Lana! If the interest rate is much higher, I probably can't afford the payment for the house I wanted. But thank you anyway!
Flag Thu Apr 5, 2012
$105,000 is lot of money to loose. The credit score is a probability factor that a debt by a specific borrower will be re-paid under the terms of the agreement. The lower the score the more likely the lender will lose money on the deal, the flip side of that is it also expresses the probability of you losing the down payment. I would address whatever problems are causing the low score before gambling with those odds stacked against me, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky one home at a time.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Thu Apr 5, 2012
Yes, I am getting professional help to get my credit score back up. Hopefully, I can see the result soon enough.
Flag Thu Apr 5, 2012
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