Credit Score in Las Vegas>Question Details

Rrsandovals, Other/Just Looking in Las Vegas, Las Vegas,...

I am a school teacher with Clark County School District in Las Vegas, have been here six years. My last years tax returns were 58,000, and we have

Asked by Rrsandovals, Las Vegas, Las Vegas, NV Tue Jul 20, 2010

been paying 1300 per month rent for over six years, we would like to buy a home here now that home prices have dropped drastically. However, my credit score is 605, but I have no car loans or other credit obligations at this time. Is it possible? Or should we keep renting?

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Robert Adams’ answer
Can the Trulia Moderators "CLOSE" threads? I would think this would help everyone on the site. It would help to keep people on track with current conversations vs having people respond to buyers and sellers from 3 years ago. I don't think all old threads need to be closed but a lot of them should be.

I look forward to hearing from you.

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1 vote Thank Flag Link Fri Jan 3, 2014
This question posted Jul 2010.
Spammer are infecting all portals of Trulia.
2 votes Thank Flag Link Sun Dec 29, 2013
The easy answer is to buy, buy, buy. But it does look like the number of foreclosues will be high through the summer at least. If you are a teacher, I'd work on my credit score for a couple months until summer time. Find a good lender now who can guide you through getting your credit up that last little bit, a good one will work with you and may have a credit repair person handy.
0 votes Thank Flag Link Fri Mar 11, 2011
It never hurts to explore your options and begin your journey by speaking with a reputable lender!
0 votes Thank Flag Link Fri Oct 8, 2010
Yes it is possible but it gets better. If you are still a teacher there are HUGE opportunities for teachers when they buy HUD homes in certain areas. These homes are sold at a 50% discount (to teachers and a few others). Contact a buyers agent, one that is familiar with HUD (not all are familiar, but you NEED a HUD approved agent/broker to submit an offer). Good luck to you and hopefully things can work out to get you into a home 50% off!
0 votes Thank Flag Link Thu Oct 7, 2010
I am curious to see if you are still considering buying here in Vegas. The prices have fallen even more since July and the interest rates dropped as well. Please feel free to contact me if you have any questions on either real estate or financing.

Leonid Vekslin
Golden Real Estate & Investments
0 votes Thank Flag Link Thu Oct 7, 2010
Credit scores below 620 are possible, even if you have no open credit. I would need to use alternative tradelines to show your ability and willingness to repay debt. Alternative tradelines consist of obligations such as your rental history (verification of rent if you pay rent to a property management company or 12 months cancelled checks if you pay to a private party), utility bills, car insurance payment history, mobile phone payment history, etc. I would need to see 12 months of paid as agreed history for your rent and two of the other choices in order for you to have the required credit history. To complete the qualification, I would also review your 2008/2009 tax returns, W-2's, recent check stubs, and 2 months worth of asset (bank) statements evidencing sufficient funds for down payment and closing costs.
If you would like to discuss this further, please contact me.

John Paul Mulchay
Operations Manager
Alderus Funding & Investments
0 votes Thank Flag Link Thu Jul 22, 2010
I am a mortgage broker licensed in Nevada. Our bank can go down to a 580 credit score. With a little help we could even get you to 620. My main concern would be the number of tradelines you have. Most lenders require you to have at least 3 major tradelines for the past 12 months. For example a car loan, student loan, and credit card payment. This gives the lender an idea of how responsible you are at paying your bills. I could get our underwriters to approve your situation with a few letters of explanation. Right now is a great time to buy if you can qualify though! Lowest rates in nearly a decade.4.5% on a 30 year fixed. Low rates mean you can qualify for a larger home and with prices so low this could mean a home of your dreams. I would love to help!
0 votes Thank Flag Link Tue Jul 20, 2010
Check with a highly rated Wells Fargo office. Most lenders are restricted to a minimum 620 credit score, Wells can go to 600. Some lenders will tell you they can do a 580, at least they do here, but when you check the terms I could not recommend that my buyer go that route. Stay away from debt and see if the lender will help with credit repair suggestions, that will raise your score and maybe quick enough to take advantage of the current low interest rates.
0 votes Thank Flag Link Tue Jul 20, 2010
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