Home Buying in Las Vegas>Question Details

rookiehomebu…, Home Buyer in Las Vegas, NV

Credit 600 ish and have lots of delinquent credit cards... Would I be able to purchase a home?

Asked by rookiehomebuyer, Las Vegas, NV Sun Feb 2, 2014

Hi guys, I used to live in Vegas for 10 years, and have been working overseas for 2 years. I am now looking to go back to Vegas in couple months and trying to see what my options could be...
I don't have that much of work history in Vegas(only 32 now) and have credit score from 580-650 depending on credit bureaus. My income won't be solid until September when I start teaching again... but I would have about 5% down on 150-200k house. I also have lots of delinquent credit card accounts with collections. I am currently working with a credit repair company but they are taking a lot longer than I thought... Is it possible for me to purchase a home in April-May when I get back or would it be wise for me to just rent for a year and purchase then? I am all ears... Thanks guys.

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Michael Diaz’s answer
If you have the job set up, we can start with that. Also need to look over the credit and start working on it. i am from the mortgage side and I do that for free for my clients. I used to own my own ccredit cleanup company for years. i also have references where clients came to me with scores of 500-550 and ended up closing within 3-5 months with scores above 580 with just .5% down.
Best thing is to start on it now so you are ready and in position!

Michael R Diaz 380048
0 votes Thank Flag Link Sat Feb 15, 2014
I would not advise trying to do so with traditional lender at the moment. However, if you must buy a home now I would suggest a OWC or Owner Will Carry. It is the same as traditional purchase but you would need minimum of 10% down and then be able to get a traditional loan in 5 to 7 years. If you'd like to discuss, please call. Matt - 702.501.0973
2 votes Thank Flag Link Sun Feb 2, 2014
I can see that you have some work to do. You have started getting your credit scores back. I would suggest that you use a good mortgage lender to help get you credit cleaned up. If you look at what the credit repair companies charge you can take the money they are collecting and put it towards the delinquent accounts. You can do what they are doing yourself with some help from a good lender. Your credit report is your road map. Every account is listed with tha address and phone number. I would also find a Realtor who can look into Down Payment Assistance programs. The answers you have received are all very good and will help you become a homeowner in Las Vegas.
Thank. You
Suzie Marquardt
1 vote Thank Flag Link Sun Feb 2, 2014
"about 5% down on 150-200k" with no local work history and bad credit. Many employers are now running credit during job application So, it would be my suggestion to clean up your credit report before making any moves.

David Cooper 1.888.616.6226
Working With Buyers to Find Better Deals Since 1994
Check Out Our Foreclosure News Letter http://www.lasvegaswinner.org
1 vote Thank Flag Link Sun Feb 2, 2014
Welcome back to Vegas! You have a bit of work to do, but you may be able to purchase a home a month after you start back to work full time as a teacher in September if we can get your credit cleaned up by then. All delinquent cards and collection accounts will have to be paid off, but if you can get your median credit score up to 620 in addition to paying off the cards, you should be good to go by then. The lender pulls credit from the three big scoring companies - Transunion, Equifax and Experian - and takes the middle score to determine your credit worthiness. I would contact All Western Mortgage to help you clean up your credit. (A good mortgage company will help you for free. The credit repair companies only make money as long as there is something to repair.) You can call them at 702-997-4226 or email tonnesenvip@awmnow.com. You can also apply online using the link below. They can also tell you if you qualify for any of the special assistance programs. Hope this helps!

Diann Tonnesen
Prudential Americana Group Realtors

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
1 vote Thank Flag Link Sun Feb 2, 2014
You may want to take our free Credit Smart class offered by Freddie Mac . Please see the website attached and click on the Freddie Mac square at the bottom of the page . This course will help you understand credit and how to repair it yourself . You may also want to consult with a non profit organization like the Hope Home Foundation to find out if you qualify for any down payment assistance as well, . There are many programs that can provide you with a grant that you never have to pay back . There are also programs that give you a tax credit of 2,000 per year for as long as you own the home . Our non profit community development corporation can help provide a homebuyer education class as well . You can take the class for free and it is good for one year . The best way to prepare and truly be ready for homeownership is through education provided from a non profit and housing counseling agency . They can also help recommend approved lending institutions and Realtors who understand these programs .
1 vote Thank Flag Link Sun Feb 2, 2014
First of all, don't waste your money on a credit repair company. There are mortgage brokers who will help you for free. You will need a minimum of 640 credit score. Therefore, here are some suggestions to help you get started to bring up your credit. Contact each credit company individually and speak with someone in collections. Ask them what they will take as a payoff for the card. Do the same with the next and the next one after that. If you can only handle payments instead of a full payoff, then set up a payment schedule with them to pay off the card. Additionally, call up companies whose cards you have but don't use. Have the companies close out those cards. That will bring your score up about an immediate 20 points. Try to get all your cards below the 50% mark (in other words, if your limit is $500, try to make your outstanding balance less than $250). Realistically, I think you are about a year away from getting a home of your own. If you need some mortgage people who will help you, contact me directly: myra_gouger@yahoo.com

The first step you have already taken: that is recognizing that you have a credit problem. The second step is trying to solve your problem. There are downpayment assistance programs too. I can put you in touch with them as well.
1 vote Thank Flag Link Sun Feb 2, 2014
Rent for a year while you get everything cleaned up. In that year you can save money, pay off debt, rebuild credit score, etc. I recommend getting with a lender now and letting them run your entire scenario.From there they can help you put together a plan as to what you need to do to get everything in line for approval. If you need a good recommendation shoot me an email. I would be happy to refer you to 2 that we work with all the time. They both know their stuff and are honest. I look forward to hearing from you.

Best Regards,
Robert Adams
Dual Licensed Real Estate Broker NV#62827 MA#9530304

NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
0 votes Thank Flag Link Tue Feb 25, 2014
I would recommend speaking with a lender as there are many intricacies to this process and some lenders do with challenged credit. In general, it may be best to postpone a home purchase until credit and debt to income ratios are in the positive.

Chad Roberts
Realty One Group
0 votes Thank Flag Link Sun Feb 23, 2014
I would suggest renting for a year or so while you work on cleaning up your credit and settle in to the new job.
0 votes Thank Flag Link Thu Feb 20, 2014
No income means no way of qualifying for a loan

David Cooper
I Can Find You a Great Deal. 20 Years Experience
0 votes Thank Flag Link Sat Feb 15, 2014
An experienced Realtor in your area should know which lenders can do specialty loans for challenged credit. You can start your search with a local professional or defer to a lender first for their recommendation. The credit score is not always an absolute number. If determined that you it is not in your best interest to buy now per your financial situation, it will give you time to re-build your credit.

Chad Roberts
Realty One Group
0 votes Thank Flag Link Tue Feb 11, 2014
Most credit repair companies Can't do what they say so, they take your money and improve your score a little. The Credit bureaus receive about one million disputes a day so there is no way that they will respond to all the disputes. Its just not cost effective. We have a Credit Restoration Program we guarantee to remove all derogatory items from your credit report. Some times we remove everything because everything was bad, so if that happens and you won't have anything to report. Then we will assist you with rebuilding your credit. No credit is not bad but no credit won't give you a score. The service is not cheap but it is cheaper then a bad loan or hard money loan.
Want more info hlear@realtyconnections.net
0 votes Thank Flag Link Fri Feb 7, 2014
I can do loans down to a 500 FICO, but what I suggest is a free consultation to look at all options. One of those options are "Am I ready to purchase yet?". I like to build relationships for lifetime clients, meaning in some cases building a game plan that puts you in a good position to finance. Sometimes that means not at the present time. I disagree with the fact that credit repair companies are not normally worth it, because the company I refer clients to helps people all the time. And it's not as expensive as one might think. If you would like to discuss your options, I would be more than happy to assist you.


Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator

City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Fri Feb 7, 2014
Hello, I agree with others that the credit repair companies are not usually worth it, For one they charge too much, and secondly, they often just try disputing everything and show a temporary score increase which does not hlp you qualify for a mortgage. In fact, it can create more issues for you than just doing nothing. I, and others, should be able to do an analysis of what will actually help you get where you need to be for free. See my tagline below to contact me if you are interested in having this done.
0 votes Thank Flag Link Thu Feb 6, 2014
Also-- I can work with scores down to 580 for FHA, but even if you do qualify as is, we work on improving your credit during the process.
Flag Thu Feb 6, 2014
I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929
Flag Thu Feb 6, 2014
I am from the finance side. WE do loans down to a 500 score with 10% down, and down to a 580 with 3.5% down. Open collections are ok. We also service this loan program so we dont have to be worried about selling the loan so we can do many things that other lenders simply cant. If needed i do credit repair at no cost to you the client. If you want feel free to check out my website at http://www.reloandr.com and contact me with any questions. I can get you an approval lettert same day as receiving your loan application.
Michael R Diaz 380048
0 votes Thank Flag Link Thu Feb 6, 2014
Rokiehomebuyer hi,

The fact that you are working on improving your credit history and score is a great start.
Working with a lender that can help you put a plan together to reach your goal of
buying a property is recommended.

I have helped many home buyers buying properties and improving their credit by having
them work with my lender and put a plan.

I will be happy to talk to you about your future home and introduce you to my team financial advisor.
Contact me today, its just one step away at 702-612-7099 Cell or email me at cvegashomes@gmail.com

Rena Levy
Global Broker/Associate
Realty Executives International
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Wed Feb 5, 2014

I am a local mortgage Broker here in Las Vegas, NV. I've helped numerous Clients in fixing their credit and had them ready for their home purchase.

I'd like to know more about your employment and credit scenario so I can evaluate where you're at and then guide you to the right direction.

You can contact me direct at 702.324.2377 or email me at Eugene@LasVegasLoanSite.com.

Looking forward to assisting you with this purchase.

Eugene Prospero
Mortgage Advisor
0 votes Thank Flag Link Tue Feb 4, 2014
I would also suggest that you direct your situation to a mortgage broker. They can help you with your credit, work with you to get the score up. The higher the credit the better of course. Most programs do start at a 620 or 640 score.
Unless you do go with a Owner will carry or lease option. Which will be a higher rate than an FHA or conventional loan.
You may be able to get your score up in a few months to qualify. It all depends on your situation and you may have to pay some of the past collections(they drag down credit scores) however, sometimes paying them off will hit the report as a new activity.
This is where a seasoned mortgage professional can help you

I suggest you contact
Toni Rocco
Security National Mortgage

She has over 10 years experience in the mortgage business and has worked with many clients that needed help with there credit. Last year, we close a home for someone that had been working with Toni for over a year to establish credit.
0 votes Thank Flag Link Mon Feb 3, 2014
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