Credit Score in 77494>Question Details

Missrodgers, Home Buyer in 77494

I'm a divorced veteran with a decent income, but my ex screwed up my credit. It's below a 620. Is there any way around this?

Asked by Missrodgers, 77494 Sat May 21, 2011

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George Raymondo’s answer
Sorry to hear about your ordeal, I too was a victim of a divorce so I feel your pain. On government loans i.e. FHA., VA, USDA, there are special concessions giving for those how are affected as a result credit late payments after a divorce. For example, I have a lady I am currently working on closing her loan. Her husband in their Final Divorce Decree was awarded their house and several credit cards. It clearly stated in her settlement agreement that he alone will retain title to the home and will be solely responsible for the debts. After the divorce was final, he was late on the mortgage and one of the credit cards which affected her credit score since she was on the loan and on the credit card account. Since the final settlement agreement neglected to mention the husband had to refinance the home or payoff those credit cards by a specific date, her credit will continually be susceptible to his payment history. Although there was noting she could do about the damage to her credit, the underwriter in he case only required evidence that property was no longer in her name and to see a copy of her final divorce decree. The same thing applies for credit card accounts, collections, and charge-offs. You can actually go online and place a consumer dispute on each line item listing that debt(s) are now the responsibility of your former spouse through divorce. So to answer your question, yes you have hope if you in the hands of an experienced loan officer. Please feel free to contact me if you have any questions.

Best of Luck!

George Raymondo
Nationwide Mortgage Banker
1 vote Thank Flag Link Sun May 22, 2011
My advice would be to work hand in hand with a lender and a credit specialist to assess your needs to see how to best assist you. Should the professionals determine that you are not ready to buy you could also try leasing to own.
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0 votes Thank Flag Link Sun May 22, 2011
I had just received notice from one of my reps at Bank of America and they are doing loans with a 580 again. Not all lenders are the same, you should always shop around and ask lots of questions.

Chris Holcomb - REALTOR
Century 21 Western Ralty
21945-a Katy Freeway
Katy, TX 77450
(832) 303-0021
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0 votes Thank Flag Link Sun May 22, 2011
Some loan officers have the skill to look at credit and help you get your score up pretty quick.

I guess the biggest issue will be how far below 620 are you?

Check out this free e-book I put together.
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0 votes Thank Flag Link Sun May 22, 2011
I am a Realter here in Katy, I agree with my friends bellow here in the metter to discuss your personal situation in public. Our lender would be happy to help you! we are at Cinco Ranch. If interested please contact us at anytime (818) 633-0687 (Geralda) Thanks
0 votes Thank Flag Link Sun May 22, 2011
Rather than discuss your personal situation on a public forum...I would be happy to discuss with you privately or by a personal email. You have some options and using a reputable lender is one of them... Call or email me at 281-846-5513 or Thanks for contacting us and I look forward to hearing from you.
0 votes Thank Flag Link Sun May 22, 2011
Miss Rogers,

All of the advice you have received is good. You must work on your credit. Most of the work you can do directly yourself working with your creditors. They will usually work with you if you are sincere about working on problem areas. Please contact me and I will put you in touch with several lenders who have helped my clients.
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0 votes Thank Flag Link Sun May 22, 2011
While there are lenders who would consider lending to you with your credit score the way it is, bear in mind you'll be charged a higher interest rate.

Before I went and took a mortgage loan out at above average rates, I would first investigate what could be done and how long it would take to get my credit score up.

I would consider meeting with a credit counselor to see what it might take to improve your credit score and get it up into the 700's. It may not be all that difficult and it may not take more than 3-6 months. I'm not certain but the VA may offer this service to you free of charge, it's certainly where I would start.

It may be that there are a number of errors on your credit report that can be successfully challenged. It may require you to get certain unsecured (credit card) bills paid down.

Good Luck.
0 votes Thank Flag Link Sun May 22, 2011
Good answers. You can also look for Seller Financed homes, although many of them are overpriced.

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0 votes Thank Flag Link Sun May 22, 2011
Bank of America now gives loans with a 580 credit score as of May 23, they would work with you to buy a home.

Denise Seifried
RE/MAX Grand, Katy, Tx.
0 votes Thank Flag Link Sun May 22, 2011
I would recommend that you speak with a lender about the requirements for different loan programs that you may qualify for, including VA and FHA. They will know the specifis about programs that may be specific to your local area. It also depends on how far below 620 your score is, how much of a down payment you have, your income, etc.

I have a guy here in the Dallas area that does a lot of loans in the Houston area as well as here in Dallas that is also VERY good with credit repair questions. I would be happy to give you his contact information if you would like, just shoot me an email.

It's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®
Keller Williams Elite - Park Cities
0 votes Thank Flag Link Sun May 22, 2011
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