Financing in Philadelphia>Question Details

jokermuss2323, Home Buyer in Exton, PA

How long to wait after credit becomes "good"?

Asked by jokermuss2323, Exton, PA Fri May 11, 2012

As I work to restore my credit, it has moved up over 60pts in the past two months, I am wondering if the banks are going to want to see it at a certain level for X months before I can get a mortgage? Or after it hits 700 or so can I go in the next day???


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Larry Lichtman’s answer
Hi Joker,

Your credit score at 700+ is a great first step. You will need to have atleast one or two open trade lines, meaning an active credit card account, car loan, etc..

For specific financing and mortgage qualifications, you should contact:
Edward Dubinsky at Absolute Home Mortgage
(215) 808-5353 or e-mail:

He is my GO TO mortgage guy. He will be very upfront and honest with you. He will tell you where you stand and what you can do to better position yourself to purchase a home with the best available mortgage program with the best rates and terms. Feel free to contact Ed with all your questions and concerns.

When you are ready to start your home search. Please feel free to call me anytime. It would be a pleasure to help you find your next great home and negotiate a good price and terms for you.

Looking forward to speaking to you soon. Have a great weekend.

All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real estate Resource For Life
Cell/Text: (267) 254-7994
2 votes Thank Flag Link Fri May 11, 2012
You can begin your pre-approval process with a 640 score! 700 and up will grant you a little better in rate (.125-.375). After you are pre-approved and the house search begins your score can continue to increase as you pay down or off certain credit accounts and that future score can be used for pricing. If your savings is ready and your employment history is stable, definitely consider getting pre-approved now as good homes are moving fast. This is the best time of the year to find homes that are "move in" ready and rates are at all time lows! Below is all of my contact info

Yours truly,

Edward Dubinsky
Branch Manager
Office: 267-296-9309
Cell: 215-808-5353
Fax: 215-701-9198
Web Site:
See me more about me:…
1 vote Thank Flag Link Fri May 11, 2012
Dear Potential New Home Owner

You can begin your search as of today, or sooner if that's possible. It's good to hear how sensible an approach you have taken from the start so that you will not be disappointed when you find your perfect dream home. I would advise you to shop around for a great mortgage rate. I WOULD LOVE TO HELP YOU in both areas,

Please do give me a call or email me

610-547- 8939
0 votes Thank Flag Link Fri May 11, 2012

If you need an agent let me know - our group can help you!

Ana Barlow
The Barlow and Birdsall Group
Keller Williams Realty Center City
0 votes Thank Flag Link Fri May 11, 2012
Hi Joker! :)

There is no need to wait. There is not a history of your past credit scores.

I wouldn't wait. I would decide on the Realtor you would like to work with, if you haven't already, and begin touring homes.

If you are still interviewing brokers, I would love to throw my hat in the ring. I am an Associate Broker who represents fine properties in various price ranges. I DO work in Exton and the surrounding area if that is where you are looking.

I am an experienced (& successful!) negotiator and am knowledgable re: the inspection process, financing, closing, etc. Plus I'm fun to go out with, since we'll be spending a lot of time together over the next couple months!

Lastly, don't wait because prices are rising and the interest rates are still low.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Web Reference:
0 votes Thank Flag Link Fri May 11, 2012
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