Home Buying in Shreveport>Question Details

Simplieme88, Home Buyer in Shreveport, LA

Can i get a mortgage with and credit score of 580-630 first time home buyer and if so where should i apply. Thanks

Asked by Simplieme88, Shreveport, LA Sat Jun 1, 2013

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I tell all my clients with lower scores to visit The Lenders Network, They have helped me close many homes by getting my clients approved even with scores under a 600. So if anyone can get you a loan they can..

I want to saw the minimum for FHA is a 580 score and conventional is 620 with 3% down..

Good luck
3 votes Thank Flag Link Sun Sep 29, 2013
Good afternoon Simplieme88,

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.
http://www.consumer-action.org/

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
2 votes Thank Flag Link Wed Jun 19, 2013
Simplieme88, The W Group at Keller Williams Realty NWLA has some alternative programs for you to be able to get into a home you love, start building equity, and not have to get into a higher interest rate because your credit is not at the 640 mark. If you would like more information, contact us at the number below.

Best regards,

Wayne and Lauren West
The W Group, LLC
Keller Williams Realty NWLA
Shreveport, La
Cell- 318-934-2644
Office - 318-213-1555
Licensed by the LREC
Each office is independently owned and operated
2 votes Thank Flag Link Tue Jun 18, 2013
We offer standard FHA & VA financing down to a 580 credit score without investor overlays, and close the average file well within 30 days. All processing and underwriting is done in office, communication is impeccable. Feel free to check out my Zillow profile below, and let me know if I can be of assistance:

http://www.zillow.com/profile/matt802/
matt@nlcloans.com
214-866-0038
Matt Schwartz
NMLS# 151017
0 votes Thank Flag Link Wed Aug 12, 2015
Not sure if you have spoken to a lending institution to assist you as of yet, I do have a preferred lender that I work closely with that CAN get you approved. If you would call me tomorrow so i can get some additional information from you, i will be more than happy to get you in contact with my lender ASAP


Jenny Dawson
Realty Executives SB
8575 Fern Ave., Suite 105
Shreveport, LA 71105
Office: 318-868-3600
Fax: 318-868-3689
Mobile: 318-344-5355
Email: JennyDawson@realtyexecutives.com
Website: http://www.Sbcrelocation.com

Independently owned and operated
“Licensed by the Louisiana Real Estate Commission”
0 votes Thank Flag Link Tue Aug 20, 2013
It seems the lending rules change with the weather. It is important you deal with specifics, with someone local. If you would like the names of great local lenders, let me know.

If you would like specifics, go to http://www.Zip711.com and click the Trulia menu tab.

I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you once you have spoken with a lender and have a letter of prequalification. If you would like a list of local lenders to consider, please contact me at Zip711.com.

Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyer’s Representative
Licensed by Louisiana Real Estate Commission
Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated
http://www.Zip711.com
Web Reference: http://www.zip711.com
0 votes Thank Flag Link Wed Aug 7, 2013
Hi Simplie

The answer is Yes, do get in touch with the many fine agents responding to this question
from LA.

You should be able to get a loan, good luck.

Perry
Web Reference: http://ruthandperry.com
0 votes Thank Flag Link Tue Jul 30, 2013
You just need to find a bank or a loan company that have the capabilities to qualify people with a low credit score. But you need to be able to pass all of the other requirements that is needed to qualify. The other thing is that you may be able to get pre-approved but it may not be for the amount that you want. It is always a good idea to plan ahead. Ask questions and find out what you need to do to get where you want to be. Be patient and know that the time will pass by faster than what you think.
0 votes Thank Flag Link Tue Jul 30, 2013
The short answer is it depends. Having great credit is necessary but not sufficient. You must also have a steady income stream, and appropriate debt and expenses.

You must be able to demonstrate that you are a good financial risk. The lending rules and requirements change regularly, so your best approach is to speak face to face with a local lender representative. I suggest a mortgage broker, or a lender representative who has the option of dealing with several different lender underwriters. The underwriter is the person or group who actually makes the final decision of a loan for an investor (the person who has the money). Banks frequently have limited flexibility to “shop” underwriters.

You want someone who you can look in the eye and get advice about the specifics of your situation. You want a person with current information about requirements, and the flexibility to take advantage of as many options as possible for you.

I am a real estate professional, not a financial professional. So my perspective is from the receiving end of financial advice, not the giving end. However I help clients every day with a wide range of different financial situations and I see the practical implications of what families deal with in making a decision about buying or selling a home. I always recommend financial experts, face to face.

If you would like specifics, go to http://www.Zip711.com and click the Trulia menu tab.

I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you once you have spoken with a lender and have a letter of prequalification. If you would like a list of local lenders to consider, please contact me at Zip711.com.

Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyer’s Representative
Licensed by Louisiana Real Estate Commission

Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated
http://www.Zip711.com
0 votes Thank Flag Link Sat Jul 20, 2013
Absolutely I have several lenders that I use for my clients if you send me your email information I will email you there website information or you can email me at kiki@kw.com
0 votes Thank Flag Link Mon Jun 3, 2013
You sure can I have some fabulous lenders you can talk to tomorrow contact me on Monday and I can you in your new home in no time.

Jenny Dawson
Realty Executives SB
318-344-5355
http://www.sbcrelocation.com
0 votes Thank Flag Link Sun Jun 2, 2013
YES! I would happy to give you information to a mortgage lender! Feel free to contact me!

Kalli Cunningham
318-638-4133
kallicunningham@realtyexecutives.com
Realty Executives SB
0 votes Thank Flag Link Sat Jun 1, 2013
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