Financing in Valley Forge>Question Details

Will, Home Buyer in West Chester, PA

hi, I am interested in purchasing a home, but my credit is bad, but getting better.

Asked by Will, West Chester, PA Sun Mar 30, 2008

My approx credit score 580 and I just started a new job. I have been looking into lease purchasing, but I am not sure if that is an option for me. Although my credit history has been consistantly positive for 2 years. I just can't seem to get over that 600 bar. So, my question is, will I be eligable for lease purchasing, and if so, will I be able to find a nice property (Condo, Townhome, Small single family home) in chester county, or the areas surrounding Valley Forge. Finally, what are the pros and cons of lease purchasing. I am not interested in the ghetto, "up and coming areas w/ a high crime rate." I am interested in an area that is clean and safe for my wife and unborn child.

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Where is Will of West Chester (Mar 30, 2008) NOW? While these discussions are fun to read, I implore the Trulia Webmaster to update the discussion records. Its now over 4 years, since Will posted his question. If anyone in Dec 2012 or next year 2013 still needs help like Will, then they can contact me or go to http://www.1stChoiceMoneyMatters.com and watch the video, get detailed info and talk with a financial specialist. Finding the home is easiest when you know how much house you can afford !!
0 votes Thank Flag Link Sun Dec 9, 2012
My advice to you would be to contact a reputable loan officer, and ask them to run your credit; to see what is holding you back from raising your score. After you have that information, you can then start to clean up your credit report some more. Some times it only takes a letter to the 3 major credit services to dismiss old reports that may be still affecting your credit score. Be carefull not to have your credit pulled too often; as that will lower your score as well.
0 votes Thank Flag Link Tue Feb 24, 2009
Hello, I have information about a mortgage program that does not qualify based on credit score. There is no down payment, no closing costs, and no mortgage insurance (in my opinion is a scam). I know this sounds too good to be true, but it is a real mortgage offered by a national non-profit and funded by Bank of America. I would be more than happy to help you.
0 votes Thank Flag Link Tue Feb 24, 2009
Will, I have a couple of recommendations for you before picking the neighborhood:
I would recommend that you figure out what your buying power would be, in anticipation of raising your score. You may even be able to buy now, depending on your price range. There are still some lenders that will lend at a 580 credit score at reasonable rates with low downpayment, but they are rapidly disappearing. Either way, how much of a mortgage ypou will qualify for determines your buying power which narrows down the neighborhoods you would search in.
Also, with your score, I would recommend that you use a professional service to help you improve your score. There are some that are reputable and do NOT charge a big upfront fee, but instead will charge a low monthly fee, with the ability to discontinue the service after you accomplish your goal. I've recommended http://www.veracitycredit.com to several people, they are very reputable and seem to do a good job. And, no, I am not affiliated with them in any way. They just seem to be a very good service that can get the job done, especially if you have maintained good credit for the past 2 years. Good luck!
0 votes Thank Flag Link Tue Feb 17, 2009
Will, I really don't have an answer to your actual question because this credit thing is very unpredictable at the moment. But I will say that you should try using a Owner/Builder Program to get your home and buy a smaller home, 2 bedroom maybe. I built one for a client (small 2 bdrm, den, 2 bth) for $59k. You could get approved for such a thing. But take into account that neighborhood will affect your ability to do this.

Khazeem Asadullah
0 votes Thank Flag Link Sun Mar 30, 2008
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