If you have BAD credit it is unlikely you could be approved for mortgage financing 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.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams.
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.
A. Request a Credit Line Increase
B. Pay Off Debt
C. Charge less or use cash
D. Consolidate Credit Cards only if you have multi credit card issues
The last one should have been the first to me â€œReview Your Report for Errors and Omissions.â€ You can easily increase your credit score by 50 points just during the last one.
Loretta Leibert, Realtor, GRI
Prudential Landis Homesale Services
Fine Homes International Specialist
Office: 610-372-3200 ext. 3049
Berks County Cell: 610-488-7482
Bucks County Cell/Text: 215-514-4872
I work with many people with less than perfect credit. For some people it can be a matter of tweaking the report. If the credit is really bad it can take 12 to 18 months to get it where it needs to be to qualify for a mortgage.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960