Credit Score in Los Angeles>Question Details

JLBN2009, Home Buyer in Los Angeles, CA

Limited credit history and mortgage loans

Asked by JLBN2009, Los Angeles, CA Tue Mar 19, 2013

Hello,

I would like to know if anyone has any suggestions or leads on lenders who can work with borrowers in my situation. I have limited credit history as below:

1 credit score of 705 (Experian)
1 trade line (credit card)
7 months in a full-time job (I`m new to the USA but I am a legal resident)

I would also like to know if I could be put on a loan as a co-borrower, if I am not able to qualify by myself (the first lender I spoke with hesitated at even suggesting that, given my limited history).

Thanks!

Jackie

Help the community by answering this question:

Answers

13
You may be able to qualify on your own we need to look at why only one score is being reported.. Seems odd is you have a credit card, they all report to all three bureaus unless it's some bootleg bad credit type card.. Did a lender give you your scores or did you get them online? There is a big difference in the scores you see online and what Lenders see on a mortgage credit report..

Visit our website and mention in comments you want to speak to Randy I can help you out if your still looking for options.
1 vote Thank Flag Link Sun Sep 29, 2013
The perfect person to consult is Bridgette at WestCom Lending. She can guide you the best way and give you real answers so you don't get disappointing later on in the future. You can call Bridgette at (818) 335-0283 or email her at (bridgette4re@yahoo.com). Once you're pre-approved, let's talk about getting you the perfect house!

--
__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
caroline.wcli@gmail.com
1 vote Thank Flag Link Tue Mar 19, 2013
There are good opportunities for you. You can get a couple of trade lines and within a few months you will be a owner!

Good job at making it happen! Keep it up, is just the beginning

Ron
1 vote Thank Flag Link Tue Mar 19, 2013
Call:
Sheryl Arndt
760-486-4225
DRE: 01140252
NMLS: 297251
Home Loan Programs Video:
http://youtu.be/MrygA2_8fAY


American Dream Realty
visit me at:


http://www.Under640FicoScoreLoans.Com
She seems very knowledgeable
1 vote Thank Flag Link Tue Mar 19, 2013
If you need help to raise your credit scores fast,
We specialize in raising FICO scores dramatically, in weeks, not months or years.

As a matter of fact with one of our most recent clients we raised his score from 552 up to 729 in 3 weeks.

We can add seasoned tradelines to help you qualify for FHA or Conventional, Credt Cards, Business funding & more

Hope This Helps

Contact Us!

IZM Credit Services
800 N Rainbow Blvd
Las vegas, NV 89107
(702) 758 - 3799

IzmCreditServices.net
0 votes Thank Flag Link Thu Jun 4, 2015
If you need help to raise your credit scores fast,
We specialize in raising FICO scores dramatically, in weeks, not months or years.

As a matter of fact with one of our most recent clients we raised his score from 552 up to 729 in 3 weeks.

We can add seasoned tradelines to help you qualify for FHA or Conventional, Credt Cards, Business funding & more

Hope This Helps

Contact Us!

IZM Credit Services
800 N Rainbow Blvd
Las vegas, NV 89107
(702) 758 - 3799

IzmCreditServices.net
0 votes Thank Flag Link Thu Jun 4, 2015
Hi there!

I'm a lender for iServe Residential Lending and I am definitely willing to help with your situation! Our company can get you a loan with your listed credit. We have also given out loans to individuals in similar scenarios as co-borrowers. You will just need another co-borrow, maybe in your case a parent or relative, that also has strong credit, income, and employment history. If you have any more questions or if you would like a loan please use the information on my profile page to contact me!

Hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Mar 12, 2014
I probably can help you with that. If you have not already done it.

Rich Littlefield
949-287-1207
NMLS 287206
0 votes Thank Flag Link Tue Oct 8, 2013
Jackie, is that the score you pulled from Experian or the one the lender provided you? If they looked at your credit they should have provided you with three scores. If you want to be ready to purchase in a year on your own give us a call. We help First Time Home buyers like yourself.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Wed May 15, 2013
Jackie,

As a mortgage broker, we work with many lenders, and I have a lender who would lend to individuals with the following:
700+ FICO
20% Down Payment
4.99% Fixed for 5 years

800-640-8798 to get qualified.

We also privately lend on "it makes sense" type of deals
0 votes Thank Flag Link Tue May 14, 2013
Hi Jackie,

The limited credit history is not as much of an issue as only 7 mos on the job. What were you doing prior to 7 mos ago? Were you in school?

With the credit we can use alternative means of credit such as phone bills, insurance bills, utility bills to help build a credit profile for the loan.
0 votes Thank Flag Link Tue May 14, 2013
Good afternoon JLBN2009,

Please accept my blunt and direct answer to your question: you're nowhere near ready to qualify for mortgage financing.

First, you need to have 2 years of continuous employment to qualify for mortgage financing.

Second, your credit history will also need to include at least 2-3 tradelines open and active for 24 months or longer.

No, you would not qualify as a Co-Borrower, either for the same reasons I have cited above.

Be careful of mortgage professionals promising you "the moon, the sun, and the stars" with your limited qualifications. They'll only waste your time (and potentially shatter your dreams of becoming a homeowner).

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/

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.


Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue May 14, 2013
Thank you everyone. I`ve already opened a second trade line today, and will check back on my options in 3 months or so!
0 votes Thank Flag Link Tue Mar 19, 2013
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