Home Buying in Philadelphia>Question Details

Cc215, Home Buyer in Philadelphia, PA

As a first time buyer, I am intersted in buying a house in Philadelphia next year. But my credit is 550. Who should I talk to first?

Asked by Cc215, Philadelphia, PA Sun Oct 30, 2011

I know I must fix my credit--But I dont know where to start. So, who should I speak to first? A realtor to see how much I would be approved for? A loan officer? Or a financial advisor to start to work on my credit?

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Hii Cc,

You've gotten many good answers already. Your 1st step should be to talk to a QUALIFIED, REPUTABLE credit repair specialist. Any good mortgage broker should be able to direct you to a solid credit repair specialist who has had good success in the past. You may contact Ed Dubinsky from AHMC Loans at 215-808-5353, edubinsky@ahmcloans.com. He should be able to help you.

Once you have your FICO score up to 680, it is time to get approved for an FHA mortgage. At that time you should start interviewing Realtors to find one you feel comfortable working with. I'd be happy to help you. Please contact me when you are ready so we can discuss working together.

Good luck with credit repair. Have a great week.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Web Reference: http://www.DJCRE.com
2 votes Thank Flag Link Mon Oct 31, 2011
Several mentions on credit repair below, just be careful, rebuilding is fine, disputing everything is a crime. I linked to my blog which contains more on this topic.
1 vote Thank Flag Link Mon Oct 31, 2011
Hello CC,

credit counseling shouldn't be a bad idea. I went to the NACA website provided by Marilyn and saw that they are offering and interest rate without a corresponing APR which is illegal according to the Truth in Lending Act. HUD enforces that law so I guess there is nobody else to report it to. My point is that people running these programs often aren' that educated. They can't even abide by rules they are there to enforce. I have not attended this workshop so I am not going to comment specifically on it. I have spoke with HUD on the phone 100 times and find that I am dealing with people who can regurgitate or look up information and have no hands on experience. I have spoken to people at certified counseling agencies who are interested in making as much money for themselves and couldn't give a damn about the client so non -profit does not necessarily guarantee high quality for the consumer. That being said, I am not putting down what Marilyn has suggested. Just don't assume they know everything because that it clearly not the case. I would go into that program or a similar one with eyes wide open, AND talk to a mortgage lender who deals with credit issues every day. It may be that all you cards are maxed out and your credit can be tweaked easily. It may be that you need credit repair. Talk to as many people as you can until yoiu get consistent answers that make sense. Don't talk to just one person and assume that everybody knows all the answers. There is lots of bogus informatiom floating around when it comers to credit repair so be careful.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
1 vote Thank Flag Link Mon Oct 31, 2011
This is easy all need to do to start go to http://WWW.NACA.com and that site will give you solid information for free this program not only gives you help fixing your credit but will teach you how and who to consult in the home buying process. I have seen folks who thought they could not buy a house get it done in less then a year. Please if you decide to work with them please use an agent that knows the program. He will have to work with you as you go though the program. This does take time.

Philip J. Cunningham Sr.
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700 x49
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Oct 31, 2011
Jim is correct,

Sane for collections. Sometimes paying all of them off can lower your credit score in the short term. Having all the facts is important.

0 votes Thank Flag Link Mon Oct 31, 2011
Hi, Cc215.

Honestly, your best bet for fixing your credit (with a score around 550) is to get credit repair. This is a great service and can work if you want it to.

The price will vary depending on your issues, but I have a very trusted contact in Philadelphia who is helping a few clients of mine as we speak. If you would like his contact information, just let me know. He does free consultations so you know what to expect.


Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897
215-829-8850 Office
267-879-2716 Mobile
0 votes Thank Flag Link Mon Oct 31, 2011
you need to sit down with a mortgage broker and see what you can purchase with your credit
0 votes Thank Flag Link Mon Oct 31, 2011
Dear Cc215,
I agree that the place to start is with housing counseling.

NACA offers a HUD certified program which is free. You will get assistance improving your credit, and will qualify for a great loan in return for your efforts. You can start by attending a NACA workshop offered every other week in Philadelphia.

Here is a link: https://www.nacalynx.com/nacaweb/workshop/workshopIntro.aspx
0 votes Thank Flag Link Sun Oct 30, 2011
Dear Cc215,

It's a good thing that you recognize you have a problem that needs fixing before you'll be approved for a mortgage. I disagree with starting with a lender or a Realtor. There are first time homebuyer programs all over the city that you can attend for FREE! You will attend a class or classes with other first time homebuyers, and then, after filling out lots of paper work, you will receive one-on-one counseling that can put you on the right track to solving your problem. If you call me, I can recommend several of these programs to you. They are actually fun as well as informative. And...once you complete the programs, you will also receive some money toward closing costs on a home! Give me a call.

Marilyn Silberstein
Elfant Wissahickon Realtors
(215) 859-1749
0 votes Thank Flag Link Sun Oct 30, 2011

We have a Get Mortgage Ready Program that will provide you with a home loan action plan that will cover bugeting, credit score improvement, mortgage pre-approval and much more. Feel free to call me at 610-906-3109 for more information.
I also do a free home buyer education seminar every month and the next one is November 19th in Newark, Delaware which is only a 45 minute drive from Philly. This will give you a great education on what you need to do to get ready to buy a home. You can register online at http://www.DelawareHomeBuyerSeminar.com

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage
610-906-3109 PA
302-703-0727 DE
0 votes Thank Flag Link Sun Oct 30, 2011
Hello CC,

Agree with the "you need a team" answer. Go with people local that you can sit down with.

MOST important thing. YOU CONTROL YOUR OWN FATE. if you spent yourself into a credit problem, and nothing changes....you will never fix the problem. dont' buy on credit. pay ALL your bills, right on time every month. pay even a partial when you cannot pay in full. again, YOU CONTROL your credit fate. THIS CAN BE FIXED if you are committed to solving things.

This is like 70-80% of most folks problem. If it is the source of your credit issues, then i just reminded you of what you already know. but if you don't do it....all the credit counseling in the world won't help.

Even the best of these companies are not miracle workers, they don't make past mistakes go away. they do help get things you've paid off or negotiatedremoved from your credit report, which helps your credit score right away. the stuff not solved...they help you get on a plan to help these things from continuing to hurt your score. Mosly they help you stay on plan. that is what most of us need more than anything -- in any part of life :-)

Other than as a suggestor of people, REALTOR is the least important person for you right now. I would speak with a lender first, closely followed by a credit specialist. Only me or another realtor to find good people above.

That matters, as Cathy points out many scammers in credit repair. talk to folks before you spend any money.

I have a great credit repair company who is NOT expensive and NOT a scammer. if they can't help they will tell you so, without costing you. I have a couple of GREAT morgage folks.

call / write / text if you want to talk privately.


John Leonard
Long & Foster Real Estate
Web Reference: http://nicepahomes.com
0 votes Thank Flag Link Sun Oct 30, 2011
Please give me a call at 215.334.3333, x8 or 215.451.7610 as I can help you in this matter. I have been a Realtor for over 35 years and have much experience in the Real Estate business. My company has been serving the Philadelphia Real Estate Community for over 85 years. I look forward to speaking with you and helping you with all your Real Estate needs! Thank you!

Michael Giordano
President/Associate Broker
Century 21 Forrester Real Estate
215.334.3333, x8
Web Reference: http://www.c21forrester.com
0 votes Thank Flag Link Sun Oct 30, 2011
OK Cc215,
You should speak to a financial credit Pro that can put you on a Time Track to clean un any Derogatory credit. Don’t let anyone run your credit until you feel comfortable with you Mtg rep.

Make sure they are not just Blowing Smoke to get your loan without you COMPLETELY understanding what you must do to correct your scores.

It should be a confidential sit down.

If you go to my site at http://www.HomeCatch.com and click the MORTGAGE tab under our picture... give Ryan Kaplan a call at Home Source Mortgage.
He helps alot of our clients. There is No obligation with Ryan... He just gives Great Service and he is a Straight Up Professional.

All the Best, John Curci
Web Reference: http://www.Homecatch.com
0 votes Thank Flag Link Sun Oct 30, 2011
Hello, I have two trusted credit repair/counselors that can help you. Please call me in the a.m. And I will give you their contact info.

Belinda Johnson
Keller Williams Real Estate
Web Reference: http://askbelindanow.com
0 votes Thank Flag Link Sun Oct 30, 2011
Cc215 -
You need a team: Realtor, Lender, Credit Repair.

In my case I have team members that I refer people to subject to what they need. I have a guy who has a 100% success rate and is approved by the FTC to help buyers like you. He used to work with the credit bureau now offers a pay as you go.

You can try to find a credit buy but there are many scammers out there. In Texas lenders have to be meet licensing standards now so there is less risk. However, I would start with a Realtor since we know alot of people and their reputation. But interview them to make sure they have the experience you need!

Cathy Bureau
Broker - owner
Green Home Realty
0 votes Thank Flag Link Sun Oct 30, 2011
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