Financing in Chula Vista>Question Details

Nestor Dela…, Home Buyer in San Diego, CA

I'm planning to buy a house because I'm tired of renting out on apartments. But I'm concerned about my credit score. I have a 632 on

Asked by Nestor Dela Rosa, San Diego, CA Wed Dec 23, 2009

my credit score. This is the reason why I'm hesitant to get a pre-approval from lenders. But this is not my fault. I co-signed for a relative of mine on one two of their loans, and they weren't responsible as I thought. They missed 4 months of payments on one of the loans, and 2 months on the second. Now I have a bad credit because they were irresponsible and did not inform me that they were not paying their obligations. Now my credit is ruined, even though I am being responsible on my personal finances. What are my chances of being approved for a home loan with a bad credit? Can my credit record be fixed if I decide to pay-off all of those loans my relatives screwd-up on?

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Call Mary Anne with Cornerstone Mortgage at 858.688.9026 she will get you loan approval. We work together and once you're approved I'll take over and assist you in finding your dream home.

Chris Keller
1 vote Thank Flag Link Wed Dec 23, 2009
With an FHA loan there are no minimum credit score requirments, I have lenders that will go down to a 530 FICO if you can prove 3 lines of credit on time for the past 12 months, including 12 months ontime rental history.
1 vote Thank Flag Link Wed Dec 23, 2009

Unfortunately your not alone. Allot of people have had their credit ruined from family/friends promising to do good on payments.

Minimum FICO score for FHA is 620 so your not in that bad of shape. Yes paying off these loans will deff help your credit score. Best thing to do is not be afraid of getting pre-approved. You have to start somewhere and if things are worse you will have time to start NOW to get things started in motion. I have helped clients well over a year prior to them actually becoming homeowners.

I will be more than happy to assist you anyway possible. Feel free to give me a call or send me an email to: nick@nickruiz .com

Merry Christmas!

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1 vote Thank Flag Link Wed Dec 23, 2009
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