scviper13, Home Buyer in Wappingers Falls, NY

I have a 530 credit score and my wife has a 596. Would i be able to obtain a mortgage as a first time home buyer?

Asked by scviper13, Wappingers Falls, NY Fri Feb 22, 2013

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9
Possibly with just your wife on the loan. We help people who have low credit scores and match you with a lender that has a loan product for you. 580 credit score needed for FHA and 620 for conventional with 3% down.
1 vote Thank Flag Link Tue Oct 22, 2013
I am curious to know what you and your wife decided to do.

Have a wonderful weekend.

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.
http://www.everlastingcredit.com
0 votes Thank Flag Link Sat Apr 27, 2013
Most programs will want to see 620 unless you have a great deal of cash to put down. Meet with a local and trusted loan officer who can prequailify you and guide you.
0 votes Thank Flag Link Sat Apr 13, 2013
Good morning. Unfortunately you will need at the minimum a 620. Do you know why yours and your wife's credit scores are so low? Some people benefit from the services offered by 'credit repair' companies where your scores are increased to get you qualified for a home loan. A lot of times it is because you may not have revolving trade lines and or too many inquiries which bring the scores down. I do own a credit restoration company and we do offer such services. If you do decide to use a credit repair company be sure that you are not charged in full for the services as this is a violation of the Credit Repair Organizations Act. I'd be more than happy to review yours and your wife's credit reports to see what if anything could be done to help increase the credit scores. Best of Luck, Christina Solorzano, of Everlasting Credit Repair.
0 votes Thank Flag Link Sat Apr 13, 2013
Good morning scviper13,

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.

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
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Thu Apr 11, 2013
Consider improving your score first; the better the score, the better the rate; for a personalized answer regarding qualification visit with any licensed loan officer...
0 votes Thank Flag Link Fri Feb 22, 2013
Scviper,
Based on what you are telling us and the majority of loan programs out there, no. What you can do is take some time to address the reasons your scores are so low. Credit repair can legitimately be done by the borrower, but it takes some time and effort. If you have a copy of your credit report you can dispute in writing any errors that may be on it. When you do, provide proof that the bill is paid or was not late or is not yours.
Pay your existing balances down to 1/3 of their limits or less. DO NOT CLOSE ANY ACCOUNTS; this is a common mistake that hurts scores, not helps.
Pay your bills on time and set aside a good savings every month. You'll need down payment and closing costs when you buy. Set up a budget and live with it, if you use any new credit pay it off every month. Don't give in to impulse purchases and set aside money for car repairs and other surprises that are inevitable.
Once your scores in both in the 600's you'll have options to consider and be well on your way.
Best of luck.
0 votes Thank Flag Link Fri Feb 22, 2013
Hi! It really depends on a lot of different factors. I'd be happy to put you in touch with one of the mortgage specialists I use on a regular basis. Call me at 914-906-2423 or email me at jennifer.amicucci@century21.com and I'd be happy to give you that info. Jen Amicucci
0 votes Thank Flag Link Fri Feb 22, 2013
There are other factors involved. You will need to speak to a reputable mortgage professional to know for sure.
0 votes Thank Flag Link Fri Feb 22, 2013
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