Home Buying in Middlesex>Question Details

kmkelly07, Home Buyer in Zebulon, NC

Credit challenged? Can we still buy a home?

Asked by kmkelly07, Zebulon, NC Tue Nov 6, 2012

We are trying to or wanting to buy a home, but was told today by the Suntrust Lender that our credit was too bad basically. The score is 624 but the WHAT thats on our credit made them say not at this time. We have 2 repos on our credit, one we cosigned to help a family member and one our own during some troubled times about 2 1/2 yrs ago. We have our 3.5% down and found a home that is only $69,000 and the seller is even going to pay the closing costs. We were told there were lenders that would help people in our situation but are losing hope. Is there a way ?? Please advise if possible, we are desperate!

Help the community by answering this question:

Answers

4
CFS Mortgage, http://www.cfsflex.com, has a flexible loan program. They allow a mortgage after a foreclosure, short sale, or chapter 7 bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
1 vote Thank Flag Link Sun Jul 28, 2013
Shop around for a mortgage broker they have access to many private lenders and different programs.
Do not give up. Is always another lender that will be willing to review your case and give you a financial option.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomesepcialist.com
0 votes Thank Flag Link Thu Nov 8, 2012
When repos occur they are sold to another entity often times leaving a deficiency for which the original creditor holds you the borrower accountable. Like it or not, that's the law. What happens next, in these cases is that the account goes to collections. If the collection is large enough, it can cause greater problems if not addressed. By law, derogatory credit will sit in your profile for 7 years.

If your lender isn't providing you the proper guidance in order to become approved, you might want to check with another lender, but most of us are busy originating loans, so please be patient with us.

If your follow up call looking for further guidance falls on deaf ears, then perhaps you need to reach out to Consumer Credit Counseling services or some other public agency that's available in the Wake County area to assist you.

Without seeing your credit report and profile, it's difficult to know what you need to do. Just remember that you can't build a good credit score and history without any credit in the first place. So if you fall off the credit bicycle, get back on it and stay in the game. This means having open and active credit lines and paying bills on time each month. (Even if you need Secured Credit Cards to get going again)

Good luck and don't give up!
0 votes Thank Flag Link Thu Nov 8, 2012
It is never an issue to speak with another lender. Look for reviews online of lenders that commonly work with these types of situations.

If there is a way to work it out, a lender always will - obviously closing loans is the way they are able to make money and build their business up.

Good luck!
0 votes Thank Flag Link Tue Nov 6, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer