Credit Score in Bronx>Question Details

Nevin Hewitt, Other/Just Looking in Bronx, NY

Can buy a condo ,coop or house with poor or fair or bad credit ?

Asked by Nevin Hewitt, Bronx, NY Fri Mar 1, 2013

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Trevor Curran’s answer
Good afternoon Nevin Hewitt,

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.

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
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Thu Mar 28, 2013
Probably not but you should consult a Loan Officer to see if your credit is repairable in short time.
0 votes Thank Flag Link Tue May 14, 2013
Nevin,

Lenders defiantly consider your current credit when purchasing a big real estate investment. Keep in mind that you cannot buy a house overnight and you can fix your credit to where it needs to be to purchase. The lender that I work with not only pre-approves you but also lets you know what you need to take care in your credit so that you may obtain a loan. Give me a call and I can go over more information to help you out.



All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
SANCHEZEANTONIIO@GMAIL.COM
http://WWW.EXITREALTYSEARCH.COM
0 votes Thank Flag Link Tue Mar 19, 2013
Hi Nevin,

It would definitely be more difficult on a coop than a condo due to board approval. Many times, putting more money down can help you qualify for the loan making it a lot easier for approval. Then again, without analyzing your situation, I wouldn't know what to recommend. Please contact me and I'll be more than happy to help you. I have helped many of families in the last 5 years in the same situation as yours so I'm confident I can do the same for you. Best of luck!

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638 http://www.JohnsRealtySuccess.com
john25lajara@yahoo.com
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465
0 votes Thank Flag Link Wed Mar 13, 2013
Financing for a cooperative is usually very competitive in comparison to residential housing and in addition to that you have to go through interviews on housing rules and board approvals when trying to purchase a cooperative. So if you have poor credit the chances are that it will be very difficult to procure a mortgage for a cooperative.
0 votes Thank Flag Link Sun Mar 3, 2013
Nevin,

Your first step should be to meet with a mortgage/loan officer they can prequalify you and that will determine how much you can afford to purchase. Your best option is definitely a Condo/house.

Once you are preapproved, please consider working with a buyers agent of your own, you do not pay a fee unless otherwise agreed to.

Good luck
0 votes Thank Flag Link Sun Mar 3, 2013
It can be difficult to determine eligibility without knowing your exact score, however, I will say a house/condo would be easier than a coop with bad to fair credit. Typically speaking, you will need a 620 to qualify with regards to credit. We would also need to discuss your finances to ensure your assets are sufficient to close. Please contact me at your earliest convenience so we may further discuss your scenario and develop a plan to meet your goals.


Kindest regards,


Paul F. Marzolla
Loan Officer
(201) 957-6768
0 votes Thank Flag Link Sat Mar 2, 2013
Depends on just how poor the credit is; however there are other factors that determine mortgage qualification, therefore visit with any licensed officer, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Keep in mind that co-op boards have their own financial requirements that must be met, and each is different.
0 votes Thank Flag Link Sat Mar 2, 2013
You will have a better chance at purchasing a home or condo with fair credit. Some banks are doing fha loans with a credit score of about 600. Please feel free to reach out to me so that I can assist you further. Bruce McIntyre 646 588 1720 or email me at bruce.mcintyre@pantigagroup.com
0 votes Thank Flag Link Fri Mar 1, 2013
Hi Mr Mclntyre my credit score is 616-617 and i am looking for a condo if you can help me find a nice condo please e-mail me @ irene193075@yahoo.com thank you Irene
Flag Sat Oct 25, 2014
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