Credit Score in Charlotte>Question Details

Kmason, Home Buyer in Charlotte, NC

Credit scores around 600, married couple with a combined income of 60,000.

Asked by Kmason, Charlotte, NC Tue Apr 10, 2012

I know alot of sites/people are saying we need to be at a 625 i would like to know if there are any lenders that would qualify us with our credit scores now? We have been looking at homes under 200,000

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14
You can get approved with under a 600 credit score for home loan. I have had clients with a 580 credit score get approved for an FHA loan just 3.5% down, The Lenders Network is the place to start for any questions loan related.
Good Luck!
3 votes Thank Flag Link Sat Aug 10, 2013
The Lender will have to see your credit to help you answer this. In general, FHA will go down to a 580 score. Most of the success we've had with folks that low are those who lost a job for a period of time, and that's the reason they have credit issues.

For others, it's simply a case of not knowing HOW to get your scores higher. Many of the folks we speak with can get higher scores simply by adding GOOD credit to their profile. Adding Secured Credit Cards, for instance, can raise scores 40 to 50 points in North Carolina, within 6 months.
0 votes Thank Flag Link Tue Mar 25, 2014
Good afternoon, K Mason
Are you still in the market? If so, while minimum credit score requirements have risen at many lenders, we still can find financing at 600+ middle credit if you meet the criteria in the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" http://goo.gl/5RG3w If you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .
0 votes Thank Flag Link Thu Feb 21, 2013
We are in the same boat. It seems that right now is the time to buy
0 votes Thank Flag Link Mon Apr 16, 2012
Yes it does seem so! We visited some new construction communites over the weekend and they offers are outstanding just trying to narrow it down to make the smartest decision! Happy Hunting!!!
Flag Mon Apr 16, 2012
Most loan officers I know work for companies that can close standard FHA loans with a 600 credit score as of when I write this if your credit/loan profile meets certain criteria. I'm sure you're looking to buy now but beefing up your credit some can only help you long-term if you can wait 2-6 mo depending on why your credit is where it is. If you 'have' to buy now, there's plenty of lenders who could possibly close this deal for you now.

If you'd like a referral, I'd be happy to provide one.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Mon Apr 16, 2012
Any lender with intimate knowledge of credit repair will gladly provide some advice for you once they review your credit. While Trevor's warning is valid, it shouldn't be construed as a warning not to listen to your loan officer's advice if your best interest's are put first. What you do with that advice is up to you.

For the record, you should never directly provide your loan officer any compensation to repair your credit, the only funds that you should ever be asked for would be directly paid to the mortgage company for a rapid rescore or other standard fees that company charges (appraisal primarily although I know some require an application fee up front as well).
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Mon Apr 16, 2012
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
You should read the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" If you meet that criterion, I know of a lender who can probably approve you now (580+). If you get approved and get a decent interest rate, there it probably does not make sense to wait any longer than you want to. With a combined $60k income, I would encourage you to stay below $180k. It will make your house payment more comfortable for you and you'll have a little more to spend on other things. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. ... if you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .
0 votes Thank Flag Link Wed Apr 11, 2012
We r working with Day Dosch at Allen Tate and we needed was a 600 middle score. Give her a call. Were working with her as we speak. Dosch, Day Mortgage (704) 547-5600 Day.Dosch@allentate.com
0 votes Thank Flag Link Tue Apr 10, 2012
HI! I can qualify you with a credit score of 625 for a standard FHA loan with 3.5% down which can be a gift or your own funds. FHA loan limits would apply for the county in which you choose to purchase.
Happy to assist you! Stacey Pierce, Summit Funding 704-634-6512 5 STAR Mortgage AWARD Winner for client service
0 votes Thank Flag Link Tue Apr 10, 2012
Kmason,

If you have a middle score of 600 I have a lender that will get you approved for an FHA with 3.5% down. if you are under it he has programs to help you get an FHA with a greater down payment depending on what your credit score is.

Feel free to contact him directly at 704-771-3954 His name is Chris Ayer
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Tue Apr 10, 2012
Kmason,

We have a Rent to Own program that you will qualify for, which we would put you in a home with the option to purchase it. If you would like to know more about it please contact me personally 704-333-4444 ask for Tyra or tyra@mstrt.com.

I look forward to helping you out....

Thanks,
Tyra
0 votes Thank Flag Link Tue Apr 10, 2012
Kmason,

I have a lender that could potentially qualify you as low as 580 score. Contact me directly!
John Siddons
john.siddons@prucarolinas.com
0 votes Thank Flag Link Tue Apr 10, 2012
I have 4 maybe 5 that will help you. I work with many people uder 600 and have so many ways you can get into a home right now. Please call me 704-618-7184
0 votes Thank Flag Link Tue Apr 10, 2012
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