Credit Score in 91786>Question Details

dangerclose95, Home Buyer in 91723

Great paying Job but credit score is low. Looking to purchase a single family home mortgage wise I can make payments but credit score is my problem.

Asked by dangerclose95, 91723 Sat Jun 9, 2012

Job wise I have a great paying job which is helping me eliminate the debt I have accumulated. The money I make is more than enough to make payments on a home but like I said my credit is not spectacular and takes awhile to get that score up. What are my option to buy a home? with the regulations borrowing money seems hard to do through conventional means. I have heard of RENT TO OWN and LAND CONTRACTS and these seem like my only option because of my credit score. With the current market I really don't want to miss out on the opportunity to buy in the market. Ideally I'm looking to pay between 1500.00 - 2000.00 on a monthly mortgage but this can still be negotiated. Other question is, is it the right time to buy in the market? from reading forecast 2013 -2014 is the time to buy in the market.


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Sharonne Chiu’s answer
Beware of anyone that says they can repair your credit. Credit is not fixable. It adjust in time, meaning a history of demonstrating on time payments. If you have collection accounts that are recent than you will most likely need time. If there is information you feel is incorrect you can request it be removed by filing a dispute with the respective credit reporting company. Which is free. Avoid paying for credit repair, there are a lot of scams out there. If you have any further questions please give me a call.

It's always a time to buy because no matter when you do, you need a roof over your head. Which means your paying for something. Why not pay for your home vs. rent? I never recommend rent to owns...

909-981-5400 Ext. 237
1 vote Thank Flag Link Mon Aug 20, 2012
Good afternoon dangerclose95,

It sounds like your finances still need some work so that you can qualify and make your own "Best Time To Buy." Take the time to put your finances in order---including improving your credit history and scores---before you undertake the responsibility of a mortgage. Beware of mortgage professionals offering to provide mortgage financing with low credit scores; you'll be in for a whole heartache of time-wasting.

Here's my advice for you as you begin your journey towards Homeownership:

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.

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:

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 Sat Aug 25, 2012
Please give me a call. I have lenders that fund loans that the big bank don't want to.
Troy Daniels-Broker
Complete Mortgage Funding
and Real Estate-01525742
0 votes Thank Flag Link Mon Aug 20, 2012
Mike There may be a way to increase your credit score.
You may have balances that exceed 60% of your high credit limit. This will bury your credit score.
You can pay those down to under 55% of the high limit and take your credit into a more acceptable range.count
Through our credit reporting agency this is called a Rapid Rescore. It can take as little as 5 days after you verify the balances are decreased.
I have been doing this for over 20 years and have yet to see a rent to own situation have a happy ending.
If you choose to go that route, make certain that the owner is paying their mortgage on time (or that they are not presently going into foreclosure). There are ways to check this out with county recorders office or the escrow company that choose to handle your rent to own escrow (highly advised).
I would be happy to answer any questions you have to these matters. Just email me direct!
0 votes Thank Flag Link Mon Aug 20, 2012
Please give me a call. I have lenders that fund loans that the big bank don't want to.
Troy Daniels-Broker
Complete Mortgage Funding
and Real Estate-01525742
0 votes Thank Flag Link Mon Aug 20, 2012
Hello Mike,
If your problem is only credit, I work with Credit Companies that can help you increase your Fico Score, dont feel frustrated. You only need a Professional to guide and assist you on your situation. Give me a call and let's get to work on it.

Best Regards,

Lluvia Martinez
Executives Group Real Estate & Mortgage
0 votes Thank Flag Link Sat Jun 9, 2012
I may have a lender that can help you. I would need to speak with you to see a clear picture where you stand. Please give me call call when time allows.
Troy daniels /Broker
Complete Mortgage Funding & Real Estate . 909-581-9330 ext 100
Web Reference:
0 votes Thank Flag Link Sat Jun 9, 2012
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