Credit Score in Lansing>Question Details

Princess Nee…, Home Buyer in 60473

I am ready to start my first home purchase asap and wondering if I qualify for a home loan.

Asked by Princess Neese, 60473 Tue Jul 23, 2013

My scores are Trans - 579, Ex - 642, Eq - 685. I have 2 accounts in collections and 1 is a medical bill.

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8
You should be in good shape. Our company offers a unique service of evaluating your situation and referring you to a lender that has a loan product that fits your needs. Check out our site sometime we can help you out..
1 vote Thank Flag Link Fri Nov 15, 2013
Thank you for all the advise! I'm actually closing on a home on Dec 13th with a rate of 4.75%. I feel great and I'm excited! Thanks again to the Trulia community for your help.
0 votes Thank Flag Link Tue Nov 19, 2013
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. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

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


*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Nov 19, 2013
Looks possible, but there is a lot more to qualification than credit score. Recent collections can impact, etc. But sometimes it is just a matter of fixing and time. Contact a loan officer and get it straight from them. There is no charge and you can see where you stand.

With that in hand, it makes the process a lot easier. I would be happy to help when you have your direction. I have a couple listings coming up in Lansing and would be happy to show you.

Suzanne Hamilton
Managing Broker/Owner
RE Homes Source
888-788-9544
suzanne@remarketingconsultants.com
0 votes Thank Flag Link Tue Jul 23, 2013
Hi Princess

You are doing things the right way. The most important 1st step is to meet with a lender to determine if you qualify and what amount you qualify for. Give me a call so I can help you thru this process.

Thanks

Bob Slightam Broker/Manager
American Patriot Realty, Inc.
708-432-5529 Direct
815-679-0684 Office
815-880-8192 Fax
Bob@AmericanPatriotRE.com
0 votes Thank Flag Link Tue Jul 23, 2013
Yes, sounds like you are ready to go, as far as the collections... as long as they dont add p to over $1000 you are ready to go, if they do add up to more than $1000 they will need to be paid by the time we close the loan. Either way you are ready to buy!


Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
0 votes Thank Flag Link Tue Jul 23, 2013
The two accounts in collection will hurt your chances for a loan. However, we suggest that you make an appointment with a loan officer at two local banks, to determine what you need to do.
0 votes Thank Flag Link Tue Jul 23, 2013
The first step is to GO SEE a loan officer. Don't post info here and wonder, go see a loan officer at a bank or mortgage company. Just go see one. Its fast and free, then you will KNOW.
0 votes Thank Flag Link Tue Jul 23, 2013
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