Credit Score in Charlotte>Question Details

Shizzbe, Home Buyer in Charlotte, NC

Credit score 552-576, Debt to income ratio: 7%, Mortgage on the $99,000 condo I want would be less than 15% of my income. Any hope at a loan?

Asked by Shizzbe, Charlotte, NC Mon Jul 25, 2011

I've already started taking steps to improve my credit, and the total balance of my negative accounts is less than $1000. I owe 50% of the original balance on my auto loan and have never been late. Same with my student loans. Condo listed at $99,000, could put 10% down. It's a little discouraging that I can't get approved for a loan when my mortgage would be less than 15% of my income, and less than I have paid in rent for the last 8 years. Are there any lenders who would approve me, perhaps an FHA loan?

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With your credit being so Matt Gray with Fairway Mortgage....His office is good a cleaning credit up Email:
0 votes Thank Flag Link Thu Jan 26, 2012
There are a few loan programs out there that deal with lower credit scores but have higher restrictions on what items can be on your credit report. I work with a company that does lease options so we may be able to go that route. We would need to set up a time to meet but while you're renting the home we are working with you to fix your credit and then we get you to closing. Basically, the home that you move into is the home that you will own, it's just a delayed closing. Give me a call 704-906-6447 or write me an email and we'll get you started.
0 votes Thank Flag Link Tue Jul 26, 2011

it sounds like you are headed in the right direction. There are programs out there that will help you get into the condo based on your credit score and information you provided.
As mentioned below wells fargo offers a program and so does PHH mortgage.

I use PHH mortgage becuase they have never let me down with an approval yet. my contact their is Chris Ayer. his number is 704-771-3954.

Give him a call and you should be able to purchase this condo.
Web Reference:
0 votes Thank Flag Link Tue Jul 26, 2011
Go you your local Wells Fargo branch, what you describe seems to fit their 500 to 579 FICO FHA program.
0 votes Thank Flag Link Mon Jul 25, 2011
From the above, you seem very close to being able to be approved for a loan. There are a few specific steps you need to take, though. You should be working with a Realtor who includes fitting financing to your personal needs and who can direct you to options for low down payment loans, 100% financing and options for closing cost assistance. There are some great loans from a variety of lenders that allow you to lock in a rate and shop, and loans that offer income protection in case your employment situation changes after you purchase. Specialty financing programs in the NC/SC Greater Charlotte area for some income and credit qualified households, offer loans for buyers with no credit, low credit and middle credit scores down to 580 middle FICO.
0 votes Thank Flag Link Mon Jul 25, 2011
Hello, Shizzbe!

I understand your frustration. I may be able to help by pointing you in the direction of one of my greatest lending resources.

Jim Garrison, with Primary Residential Mortgage, has some great programs to help folks in your position. His info is:

Primary Residential Mortgage, Inc.
255-C Post Office Drive
Indian Trail, NC 28079

It's easy to apply online at his website,

I have used him for many years and his wisdom and knowledge have been invaluable in helping my clients with challenges reach their home buying goals. Please let me know if there is anything I can do to assist you with your home purchasing needs.

Blessings upon you...
Jan Teel
TEEL Realty
704-641-0267 (cell)
0 votes Thank Flag Link Mon Jul 25, 2011

It is unlikely that you will be able to get traditional financing. However, there are other options. The seller maybe able to finance you depending if they own the property or have financing on it or there are investors that may consider short term financing options.

Feel free to contact me at 704-576-1671 and I will see if I can help.

Best Wishes,

Erika Pitman
Keller Williams Realty
0 votes Thank Flag Link Mon Jul 25, 2011
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