Financing in Greensburg>Question Details

Dee, Other/Just Looking in Northumberland, PA

Is there any way to get a mortgage with poor credit if you have stable income and the mortgage you are asking for is equal to your yearly income?

Asked by Dee, Northumberland, PA Thu Sep 10, 2009

I paid $500 to have things removed from my credit that were not mine and it caused my rating to drop to zero, now I can't find a lender to buy the house I want..

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2
David Ethridge’s answer
Loans guaranteed by FHA usually have low or no FICO score requirements. Ask you lender if you can qualify for an FHA loan.

David Ethridge, Realtor®
Sea Lion Real Estate
419 Q Shoreline Village Dr
Long Beach CA 90802
Office: 562 285-0200 Cell: 562 673-6634
Email: david@64david.com
Web Reference: http://www.64david.com
0 votes Thank Flag Link Thu Sep 10, 2009
1) A zero rating would be odd especially if you had the report corrected. Get a free credit check from the government online site and review your report yourself. I am wondering if the items were actually removed. There are many scams out there offering to repair credit for a fee and essentially they do nothing.
2) Then go to your bank lender or other local reputable lender and have them help you correct the data and give you advice on what to do to bring up your credit rating..
3) If you are coming in with a relatively large % of down payment for the area you live in the owner may carry despite your credit rating. Or do you have something to offer for collaterial in addition?
4) If you have no money down....start a fund and pay yourself first each month (take it out of your casual money you typically spend on entertainment/clothes/etc not your rent money!
5) Having phony bills on your credit report removed should not be an issue....something else is keeping it from flying and you need to address that.
0 votes Thank Flag Link Thu Sep 10, 2009
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