Home Buying in York>Question Details

Howl, Home Buyer in York, PA

Any chance of getting approved for a mortgage with a 550 credit score? First time buyer with about $9,000 to put down...any chance of it happening?

Asked by Howl, York, PA Fri Apr 18, 2014

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Many lenders I have worked with may not be able to do the 550 however 580 may open up many more doors... What is holding it down???
Credit is never the only factor when it comes to working with buyers to find the perfect home.....
You many not even need to put that full $$9,000 down if a $$2000 payoff on a collection would do the trick to get it higher!!!

Some collections are allowed on credit for purchasing.... I'm not a lender but I'm creative and have helped many home buyers get the key!!

Let's talk soon!

Daniele Seldomridge- Realtor
PA- RS313075

Prudential Homesale Services Group
150 North Pointe Blvd.
Lancaster, PA 17601
717-669-7894 cell - CALL OR TEXT ANYTIME
717-560-9100 office
http://www.lancasterprudential.net
sales@lancasterprudential.net
0 votes Thank Flag Link Thu May 22, 2014
I work with a company that makes you lendable. After looking at your credit they come up with a plan to improve your scores into the range needed for the mortgage product you are looking for. 620 is about the lowest right now unless you find a broker with a special product.
0 votes Thank Flag Link Mon May 19, 2014
You can also get a free copy of your credit report and look at what is on the report. Simply by contacting the credit agency yourself and telling them in writing to remove some of the old items that have been paid off will help your credit score tremendously. Look at your credit cards and installment loans and see if there are any you can pay down over several months, high balances also create low credit scores. Then check with a loan officer because there is new financing available everyday with credit scores under 580. A good loan officer will direct you also what you need to do to increase your credit scores
0 votes Thank Flag Link Fri Apr 18, 2014
There are lending institutions that offer free credit repair services, so you can call around to see if any will do that for you! It makes sense for them to do that because they will eventually (after several months of helping you with any bad debt, collections, disputes, etc...) get to do your mortgage. Depending on what needs removed or paid off on your report, this process could take a few months to about a year. When calling to ask if they offer this service, do not let them check your credit unless they do free credit repair assistance because every time your credit gets checked, it brings your score down.
0 votes Thank Flag Link Fri Apr 18, 2014
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