Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
However, once I pull a copy of your credit report I have access to software which enable me to run unlimited scenarios for things we could do as well as how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications to either get them qualified, or take an already qualified applicant and get them a better rate at the settlement.
I am available to help you at your convenience if you wish.
I also offer credit score improvement programs for free while we work on your mortgage.
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
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. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-
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.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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Find out why, and work on improving it, before taking on the burden of a large loan.
One thing you didn't mention.....do you have a down payment?
And.........Do you have savings as a cushion, beyond a down payment?
If the answers are "no", you need to work on that, too.
When you're a home owner, there is no super to call in when things break. Without a cushion, what would you do if you needed a new furnace or roof?
Plan this out so you don't wind up on thin financial ice!
Best wishes.......with a plan for the future, you will make it happen.
The best advice I can give you is to hook up with a loan officer and have him/her check your credit. From there, they should be able to tell you step by step, what you must do in order to increase that FICO and prepare yourself as best as possible to be mortgage ready. I must tell you that not always is there a way to increase your FICO to an acceptable 640 or so. You should also know that your FICO is just one of many factors that come into play when obtaining a mortgage. It is totally possible for you to have a 720+ FICO score and still not qualify for ahome loan.
Best of Luck
Lic Assoc Broker
Prudential Douglas Elliman Real Estate
Hard Money Lenders are an option, but the interest rate is going to be very high. Still, you can try that and refinance later, but it may be best to spend the next few months repariing your own credit score.