Credit Score in 12550>Question Details

Bessie Blanks, Other/Just Looking in 10026

where can i get a mortgage with a 550 credit sc ore in orange county ny ???

Asked by Bessie Blanks, 10026 Thu Nov 11, 2010

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I just had a client with a similar credit score and a mortgage company that I know help him to purchase his Home. If you need further assistance or need more information, do no hesitate to contact me. My e-mail is:m JFGREALTY@AOL.COM...
1 vote Thank Flag Link Thu Nov 11, 2010
Good afternoon Bessie,

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://www.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.consumer.ftc.gov/articles/0058-credit-repair-how-…

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
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 Mon Apr 29, 2013
Hello Bessie, Your Credit(FICO) score is below the norm but you should consider repairing some of your issues first in order to get aq decent rate on a home. ALso consider a rent with option to buy at this time. Need any help with that or the the right Mortgage Broker(s) available please get in touch. Best of Luck!!


Allan Erps, ABR,SFR
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954
VM(24 Hours) 845-770-2141
Cell Phone/Text 845-304-3040
Fax# 845-624-7137
For the latest in Buyers and Sellers Resources,
visit my website at; http://www.allanerps.randrealty.com
0 votes Thank Flag Link Mon Feb 21, 2011
There are plenty of financial institutions still lending. Try a local bank rather than one of the larger national banks. I would suggest having a mortgage professional review your credit and see if there is anything you can do to boost your score. The better the credit score, the better the mortgage rate you will get.
0 votes Thank Flag Link Fri Nov 12, 2010
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