Financing in 19128>Question Details

Diane, Home Buyer in Manayunk, Philadelphia...

i need a mortgage with a 560 credit score

Asked by Diane, Manayunk, Philadelphia, PA Tue Feb 7, 2012

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Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes Thank Flag Link Tue Feb 7, 2012
There are other factors besides credit that determine qualification, therefore for a personalized answer do visit with licensed loan officer....
0 votes Thank Flag Link Tue Feb 7, 2012
Very good question since your in Philadelphia you should try going to a NACA interduction meeting it last appox 2 hrs and teaches you about thier program. The end result is NO MONEY DOWN and NO CLOSING COST except for out of pocket cost. Now for those who think it's a trick go to and spend the time to learn. If you want me to meet you there just call me with the date,time and location of the meeting. My info is below.
Philip J. Cunningham Sr
REALTOR at V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700 X49
Web Reference:
0 votes Thank Flag Link Tue Feb 7, 2012
You can’t get a complete answer from only a piece of the puzzle. Most borrowers fixate on only one point like credit scores, that is not how a loan application is underwritten, it is considered in its entirety. The best move is to have your Realtor introduce you to the loan officer they trust the most, meet with them personally and review all of your support documents not just a piece or two. Only then can you get a good snapshot of where you stand.
0 votes Thank Flag Link Tue Feb 7, 2012
Hi Diane,

Getting a mortgage these days can be very challenging even for people who would be considered to have high credit scores. There is a lot to know and prepare for. You don't simply want to just use any lender. It's best to find a buyer agent who can work with you, build a trusting relationship, educate you about the home buying process, discuss your goals and then work with you to achieve them. I would be more than happy at no cost, to speak with you and answer all of your questions.


Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589 Direct
(215) 358-1100 ask for Renee
0 votes Thank Flag Link Tue Feb 7, 2012
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