Credit Score in Redmond>Question Details

Casey, Other/Just Looking in Keizer, OR

My husband will be transfering in a few months and we are wanting to buy something in the Redmond area. Our biggest down fall is that we do not have

Asked by Casey, Keizer, OR Mon Sep 7, 2009

the best credit do to both of us having previous nasty divorces. We are slowly building it back up and are saving for a down. Is there any hope for people with less than perfect credit?

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Hi Casey, Yes there is hope. I suggest you speak with a lender, so that the lender can review your credit report and score, as it may not be as bad as you think, and if your credit is in need of a little repair, a lender can point you in the right direction. If your not able to obtain a loan at this time, an owner carry, or lease with option to purchase might be your best bet. I'd be happy to run a report for properties that offer owner carry terms in the Redmond area. Simply email me at becky_dopp@yahoo.com, and I'll email you my findings. If you need additonal information regarding Redmond, or the surrounding area, please don't hesitate to contact me, as I'm happy to help.
1 vote Thank Flag Link Thu Dec 10, 2009
While the FICO score is important, however, don't get too hung up on it when it comes to qualifying for mortgage loans.

The credit score is just "one" of four factors that conventional lenders and FHA lenders would consider to make an overall credit decision on the borrowers:
1. Character (credit ... payment history
2. Capacity (Income ... steady and verifiable)
3. Capital (liquid assets ... down payment)
4. Collateral (appraisal value of the home you want to buy)

Find an experience FHA loan officer that "wants" to help you. Ask he/she to submit your loan request "manually underwritten" this means more work for the loan officer but he/she will be able to justify and provide compensating factors for your deficiencies (less than perfect credit history.) As long as you meet the bank's lending criterias - the 4 Cs described above, you and your husband may qualify for a mortgage loan.

Go here to learn more about FHA loan programs so that you will be well versed when discussing FHA loan options with your FHA lender...http://portal.hud.gov/portal/page/portal/FHA_Home

You can search for FHA lenders here...http://www.hud.gov/ll/code/llslcrit.cfm

Is your husband transferring due to being a military personnel? If yes, then you may want to consider VA loans...http://www.homeloans.va.gov/

Additionally, you may want to contact one of these government approved counseling agencies to help you with a plan to re-establish your financial profile, including home buyer education programs (which provide down payment assistance)...http://tinyurl.com/klc4ug
1 vote Thank Flag Link Mon Sep 7, 2009
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
We're potentially having to relocate due to a job transfer out of the area and have been considering renting to own options for our home. Perhaps that would work for you!
0 votes Thank Flag Link Tue Apr 20, 2010
Hello Casey,
I find it fantastic that you are researching and looking for answers to your problem. We have some great answers here and some really good lenders. First choice I would do is speak to a couple of Lenders and check out the programs that they have to offer. Our USDA is really good also but it is running out of money so I would do my checking with them quickly. If by chance you cannot go that way there are so many homes now on the market that are owners occupied and who wishes to sell that they will to carry a contract for 1 to 2 or even 5 years with a good down payment. So you have quite a bit of options..... I wish you the best. : ) If you have anymore questions I would be happy just to talk.
0 votes Thank Flag Link Wed Mar 31, 2010
Hello Casey,

Depending on your annual household income, USDA may be a good option as well. I see FHA is mentioned and that is a good option. However FHA has a higher rate, higher fees and pmi. I would say it's a good backup but USDA is lenient on credit as well and has is an overall better program than FHA. Best of all, it's a zero down program and the seller can cover closing costs & pre-paid taxes and home owner's insurance. I can send you information on the program.

If you would like to see if you qualify for the program, we do not charge any up front fees. We are also offerring a 50% discount (visit http://www.ambientlending.com for details). You will also see daily rates posted there.

Crystal Beard
Ambient Home Lending
Lending Throughout oregon
Toll Free 877-777-9763
0 votes Thank Flag Link Wed Nov 25, 2009
Casey, the best way to get into a house with less than perfect credit is to find a owner contract, also you can go and try to get a FHA loan,
0 votes Thank Flag Link Sat Nov 14, 2009
I would suggest you contact Cheryl Tanler a Realtor in Redmond.(She is with John L Scott Real Estate and I can highly recommend her). She works with a couple great lenders and together they can help you work through the maize of lender issues and house hunting. Cheryl's phone number is 541-410-7434 or 541-923-1263

Jean Pritchard,
Principal Broker
Amerivest Realty of Portland
503-680-4449
jeanprit@msn.com
0 votes Thank Flag Link Mon Sep 7, 2009
You may qualify for an FHA loan. They are a bit more liberal with their credit score criteria plus you get away with a low down paymnet. Good luck!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Sep 7, 2009
The Hagley G…, Real Estate Pro in Pleasanton, CA
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