Financing in Fayetteville>Question Details

kevinpenland, Home Buyer in Fayetteville, NC

VA Home Loan... no so good credit

Asked by kevinpenland, Fayetteville, NC Mon Aug 6, 2012

I am looking at buying a home near ft bragg. I am in the military but have credit score around 570. I heard there is rapid rescore and stuff to help. Is there any lenders out there that loan with this score

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The Jumper Real Estate Team’s answer
Hi Kevin: There are lenders who can help you determine how you can correct any problems to get your credit where it needs to be. We'd be glad to refer you to some of our preferred lenders to see if they can help. Send us an email or call; we'd be glad to help.
0 votes Thank Flag Link Mon Aug 6, 2012
Yes please refer me
Flag Mon Aug 6, 2012
Please contact me directly, and I will tell you about my two favorite loan officers in town. I have normally seen them work with someone's credit to allow them to buy in 30-90 days. Thanks for your service to our country!
David
0 votes Thank Flag Link Mon Aug 6, 2012
I sent you an email
Flag Mon Aug 6, 2012
The best way to repair/rebuild your credit is by maintaining good credit....be sure that all open and active accounts are paid promptly....IF you do not have any open and active accounts....GET one or two ASAP....

Whomever your Loan Officer is that told you you had a 570 should be able to give you enough information in order to get you on the right track.......that would be HIS patriotic duty to YOU who has served our country so well.

If you have questions please do not hesitate to call!
0 votes Thank Flag Link Mon Aug 6, 2012
Good morning and THANK YOU for your Service to our Nation Kevin,

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. https://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.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


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
0 votes Thank Flag Link Mon Aug 6, 2012
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