Credit Score in Cincinnati>Question Details

Dominique R, Renter in Cincinnati, OH

my highest credit score is 566... is there any way i can become a home owner in cincinnati, ohio? and if so, through who???

Asked by Dominique R, Cincinnati, OH Tue Feb 22, 2011

Help the community by answering this question:


Hello Dominique, I have helped many people with a credit score like yours purchase a home. Give me a call today to have a buyer consultation. I work in the greater Cinti area.

Have a good day,
Sheri Mapes
1 vote Thank Flag Link Wed Feb 23, 2011

I work with a lender that will go down to 560. I also have several quick and easy tips to help build your score up so you qualify for a better rate. Give me a call so I can refer you to my lending partner. Bryan 509-3259
1 vote Thank Flag Link Wed Feb 23, 2011
Please talk with a lender to get pre-approved, if you dont know of a local lender start with your bank as you already have a professional relationship with them. A lender can go over all your information with you, including credit score, debt-to-income ratio and etc, see where you are at now. If you are not approved now, that is ok as they can tell you what to work on. That way you can see where you are at currently, where you want to go and how to get there. While you are working on your credit you can start saving for your down payment, killing two birds with one stone. It will not cost you anything to find out, and really should be a persons first step to home ownership.

Best of luck.
1 vote Thank Flag Link Tue Feb 22, 2011
In short, find a lender to council you. One that is knowledgeable and has various products at hand to offer you. BOA is limited in it's loan products and creativity in helping borrowers obtain money. There are changing loan programs all the time and changing requirements. I have heard of instances in my area where credit wasn't even used to determine approval - it was a special non-profit org that provided loans for people who would go through extensive financial counseling/budget education and qualify by income alone. There are options, though some may be harder than others. Your first step is to find a lender, if you can't qualify, get on a plan to repair your credit and do the right things so you can qualify. Good luck.
0 votes Thank Flag Link Wed Feb 23, 2011
You may want to talk about how to live in a beautiful home without buying at this moment or paying high rental rates by looking into becoming a Home Manager with the Showhomes program here in Cincinnati. This temporary housing solution allows qualified people to live in high-end luxury homes for a much reduced monthly rate while they work on rebuilding their financial situations including raising their credit scores. I encourage you to visit the website and learn about all of the attractive features Showhomes has to offer. It may be your solution.

Best Wishes.
Web Reference:
0 votes Thank Flag Link Wed Feb 23, 2011
There are opportunities for you when you get to a 580 Credit score. I work for a local bank here in Cincinnati adn we have a niche lender who does FHA loans down to 580 Credit scores. I also have access to credit repair/ credit building utilities that assist people with scores below this make. Contact me and I can fill you in on what is happening in Cincinnati mortgage
0 votes Thank Flag Link Wed Feb 23, 2011
It is ok, "they" had to change the guidelines with the current market. Did they tell you what to work on? If not, find a local lender that will help you by sharing with you what to work on to increase the scores. It can be done, might take a little bit of time but it can be done.

Best of luck.
0 votes Thank Flag Link Tue Feb 22, 2011
Dominique, you are going to need to get your lowest credit score up past 600 to purchase in today's economy. If you qualify for a VA loan your scores have a bit more room. Your buyer's agent can help you to find many loan options and depending on whether you want new construction, foreclosures, resales the lender, your agent and you can all work together so that you are on the right path to improving your credit on a path to home ownership. I had one client that was able to improve their credit that was just around 550 in just under 7 months, so it is possible and we were able to purchase with a seller that paid the closing costs. Talk with your local banker, credit union or one of the reputable mortgage lenders about steps to improve your credit score. If you do have a buyer's agent they can also help. . Good luck

Deborah Miller , Real Estate Broker
Coldwell Banker HPW
0 votes Thank Flag Link Tue Feb 22, 2011
thanks so much!!! i bank with bank of america and they said the lowest is 620 and i been banking with them for 3 years!!! i was so devastated
0 votes Thank Flag Link Tue Feb 22, 2011
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