Home Buying in Albuquerque>Question Details

Felicia, Home Buyer in Albuquerque, NM

Are there any mortgage lenders in the area that will grant me a loan with no savings? Also last time I checked my credit score was 580.

Asked by Felicia, Albuquerque, NM Wed May 22, 2013

If not what can I do quickly to jump my score up to a reasonable standard? My lease at my apartment is up in September and I want to purchase a home instead of having to rent again. I need some advice I am a first time home buyer.

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The only no money down loan that I am aware of at this time is a VA loan. You would need to check with local lenders and see if and how they can help. As far as your credit score, it has to be at least 600 but there is help out there. Creditrescuenow.com is a company that I have personally used in the past, what they do is pull your credit and go through your report with you to verify information. If any of the information reported is incorrect they can help you get it removed and also give you hints as to how to keep your score in a good range. It costs between $200-$300 but it is worth every cent. It also takes 3-4 months to get it all resolved. In that time, you could be working with a lender AND a Realtor in finding a home that meets your needs. I hope that helps.
1 vote Thank Flag Link Wed May 22, 2013
Hello Felicia,

Yes, there are down payment assistance programs available. Now, you typically need a score of 620+. Since you're pretty close, we just need to get you connected with a great lender who can help get you to the 620.

To help increase your score will first depend on what's hurting it. Since you lease is up in about 4 months, you have time, but you have to act quickly.

Give me a call, text or e-mail me at leighjo@syan.com. I'll be happy to help. Since the seller pays my commission, my assistance to you is FREE :)

Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
1 vote Thank Flag Link Wed May 22, 2013
I have the names of 4 dependable mortgage people which I am assuming that you might want for a NON business property loan. Please write to me at: realtyperson@gmail.com and I will send you their names. OK? Max Sklower Owner/Broker of Broadcast Realty, LLC.
0 votes Thank Flag Link Thu Jun 27, 2013
Zero for a down payment and zero for closing cost ???

Maybe you should wait a little longer.
0 votes Thank Flag Link Thu Jun 27, 2013
Good afternoon Felicia,

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.

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.

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu Jun 27, 2013
Hello Felicia:

I am a mortgage lender and i work daily with people that are in your same situation you are not alone, and yes there is a lot of things that you can do to improve your credit score if you are interested in working with a credit expert pleas give me a call i have people at your disposition that will work with you all the step of the way. if you are still interested i will customize a plan for you.

Edwin Mieles
Senior Loan Officer

Residential Finance
614.754.2754 Direct
614.324.4700 Ext 1561
877.224.7657 Fax
NMLS: 986881
0 votes Thank Flag Link Thu Jun 27, 2013
Hello Felicia,

There are programs out there for everyone. Not being a mortgage expert I would suggest that you contact one and see if they can get you what you need. Please feel free to email me if you'd like a recommendation. Also, there is the availability of owner financing to think about too.

Hope that helps!

Aaron Burnett
0 votes Thank Flag Link Tue Jun 11, 2013
I can send you the names of 4 good mortgage venders who can try to do for you exactly what you need.
Please email me at: realtyperson@gmail.com and I will send you the names. Or call me at 505-822-8864 or 800-888-3581 and I will get you their names.

Good Luck

Max Sklower owner of Broadcast Realty, LLC 3620 Wyoming, NE, Albuquerque, NM 87111
0 votes Thank Flag Link Wed May 22, 2013
Hey Felicia,
This others are correct when they say that you need a 620 credit score but that is your mid-score so maybe you are alright and also, maybe your score has gone up depending on how long ago they pulled it. There is also a program called MFA that gives down payment assistance to those that qualify and do not have the money for a down payment so that may be an option to help you out. I have lenders that offer this program.
Feel free to give me a call at 505-507-5091. I look forward to talking with you.
0 votes Thank Flag Link Wed May 22, 2013
Hi Felicia

I have a local mortgage expert that can help with this questions, call me so we can I talk.

0 votes Thank Flag Link Wed May 22, 2013
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