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HomeBuyer407, Home Buyer in Orlando, FL

I need some help any one please. My credit score is real bad due to financial hardship.

Asked by HomeBuyer407, Orlando, FL Mon Aug 24, 2009

Hello. My lease is up in 3 months and I really want to buy. I been renting for almost 3 years. I pay close to 1000 a month for a 1/1 . I just feel that I can hadle a mortgage! But, my credit score might say different/. Honestly guys is at the 400's is there any chance that I can get a fha loan or homepath loan? I heard there good loans? Does anyone know a lender willing to help any programs perhaps?? Can I get a ship program? :(

Sorry for all the questions .... Just tired of leasing.

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13
580 with FHA I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 620 for FHA and even VA loans. So if anyone can get your loan approved they can!!

Good luck
1 vote Thank Flag Link Wed Aug 21, 2013
Creditmend247.com

This is the solution for any individual looking to improve their credit score to get approved on a mortgage or a loan. They have over a 95% success rate with their clientele and are there to serve the customer. Give them a call at 682-200-8800 or visit their site at http://www.creditmend247.com
0 votes Thank Flag Link Mon Nov 4, 2013
You are on the right track because it sounds like you are ready to have your own place!

You should prepare to buy though - settling debts, creating payment schedules, setting funds aside for the down payment, checking with local lenders about Ship and other programs for 1st time home buyers.

You can also dispute anything wrong on your credit report. Wrong things will be removed if you write to 3 credit agencies about those "wrongs".

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Oct 30, 2013
You can get a home again but it will take a little planning. I was previously a loan officer and I have seen people in similar credit situations get home loans. You need the right person (loan officer) that knows their products and knows how to improve credit scores to work with you over a period of time and you will have a home again. it will not take as long as you might think.
0 votes Thank Flag Link Wed Oct 30, 2013
You really do have to focus on improving your credit. Whether you hire someone else to do it for you or fix your credit yourself, you need to start doing something about your credit TODAY. Here'a a few quick credit repair tips to help you get started.

http://www.creditfirm.net/blogs/5-simple-credit-repair-tips.html

Good Luck!!
Web Reference: http://www.creditfirm.net
0 votes Thank Flag Link Thu Aug 22, 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://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.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


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 Sun Apr 29, 2012
I have known George, the owner of EMG and have been referring clients to his firm for 15 years. He and his team do a fabulous job and I have never had a client whom I referred that was not very pleased with them. http://www.yourdebt.org

Here are some news articles that you appreciate http://www.yourhome.org/2010/11/bad-credit-can-cost-you-abc-…
Web Reference: http://www.yourdebt.org
0 votes Thank Flag Link Wed Nov 3, 2010
Sorry for your hardship. I know what it's like..I am in the same boat but I lost 7 properties in this economy. It is what it is and I too am renting. I am a realtor so it's worse for us to rent knowing its such a good time to buy.
So here's my advice to you, don't waste your negative energy on why your credit is low, or why you are tired of leasing. Lease another year, but in that year you can fix your credit.
Look at your credit and see where you are lacking. Pay off your debt as much as you can. Get a second job if you have to. You got yourself into this mess, sorry, so now get yourself out of it. Open a secured credit card. Make sure you are NEVER late from here on anything. Make sure you have 2 utilites under your name, you may have to pay deposit since your credit is low, but that's ok. Do not open new credit, apply for a new loan or close any of your accounts. This will lower your score. Also do not transfer balances either...it's the worse.
I also suggest put a freez on all your scores. This also will allow your fico to increase so creditors don't pull your credit whenever they want. I hope this helps. And be smart and start right. It's been 1 1/2 years for me and my fico has increased tremendously. I will be ready to buy next year.
0 votes Thank Flag Link Wed Oct 6, 2010
Try improving your credit. There are companies that fix and repair credit. A good one is LexingtonLaw.com

You can read my 10 part blog post for Top 10 Credit Myths. Link below. Good luck!
0 votes Thank Flag Link Sun Oct 3, 2010
To get an FHA loan you will need at least a 620 FICO median credit score. If you really want to start improving your credit score here are two things you can do. First, go to http://www.annualcreditreport.com and get your credit report, you can view your credit report for free every 12 months and this site will let you do that. It is always a good thing to see what is being reported on your credit. Second, go to http://expertcreditrepair.net/ and there you can download a recently published book that will explain how the credit system works and how you can improve your credit. The book retails for $59.99 but you can use the promo code, "seancredit" to download it for free. Good luck
0 votes Thank Flag Link Fri Aug 27, 2010
Why don't you work on trying to improve your credit score before you purchase a home? It's not all that hard or time consuming to optimize it as high as it can be.

For a simple 8 step system to repair your credit, along with step-by-step videos that walk you through the entire process easily, visit http://www.RepairCreditTrauma.com.

If you have any questions or need help, feel free to ask!
0 votes Thank Flag Link Tue Feb 16, 2010
Contact a mortgage broker and get their advice on you exact circumstances. However, I'm not going to get your hopes up. If your credit score is in the 400's, then there are not that many landlords that will take you, let alone a mortgage company that will give you 1,000s of dollars. You might be better off continuing to build a good payment history for the future. You got yourself into this mess and it's you that will need to get yourself out. Paying all your bills on time is the best start. It might take time, but it will be worth it in the end.

Good Luck
0 votes Thank Flag Link Sun Aug 30, 2009
Hi,

Have you overcome the financial hardship? If it is now resolved, then this would be the time to start working on improving your credit. I don't know of any lenders who can work with a credit score in the 400s, but I do know someone who may be able to help you work on your credit. It is not a quick fix, rather something you would need to work on over time.

If you would like contact info for the person who may be able to help, send me an email. Good luck.

Diane Loveridge
Majestic Properties
(786) 210-3449
dloveridge@majesticproperties.com
0 votes Thank Flag Link Sun Aug 30, 2009
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