Home Buying in Apple Valley>Question Details

treasgann, Home Buyer in Apple Valley, CA

HELLO MY CREDIT SCORE IS I BELIEVE IS 599 IS THAT BAD I WANT TO BE A FIRST TIME HOME BUYER AND I HAVE SOME MEDICAL DEBT AND STILL WORKING ON PAYIN OFF

Asked by treasgann, Apple Valley, CA Sat Sep 8, 2012

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FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
6 votes Thank Flag Link Tue Jul 23, 2013
call this guy he says that he can work with lower scores Jeremy 760-403-6401
1 vote Thank Flag Link Sat Sep 8, 2012
There are worse scores, however these days one typically needs a 640 to qualify for a mortgage from most lenders. A few go as low at 620 for some programs, and very few, though I occasionally hear about it, will have a program that goes as low as 600. I’d recommend getting your credit up to 640, you’ll have better rates and an easier time qualifying for what would be the best mortgage option for you.
Best of Luck!
1 vote Thank Flag Link Sat Sep 8, 2012
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Tue May 13, 2014
Hi treasgann

If you are planning to buy a home, then one of the first things that you look at is getting a loan. For first-time home buyers, this may be a bit overwhelming. You can hear about all kinds of terms that you don't understand and one of those involves the lender that you work with. You may discover that you can obtain financing through either a lender or a mortgage broker and wonder which one is a better choice for you. Here you can find some information about both parties to help you decide the best option for your situation.

http://www.reversemortgagelendersdirect.com/california-rever…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/misconceptions-r…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
0 votes Thank Flag Link Mon Oct 14, 2013
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
0 votes Thank Flag Link Tue Jul 23, 2013
You can get a FHA loan with that score. Many cases FHA underwriters will not make you pay medical collections to close, if that debt is collections.
0 votes Thank Flag Link Tue Jul 16, 2013
Yes its bad. You will have to abandon the idea of borrowing money for your whole life now. The debt doesn't help either.
0 votes Thank Flag Link Wed Feb 20, 2013
Really? This is an uneducated response! I was approved for an FHA home loan and got into my first home with a 625 credit score. I as well had medical debt that dropped my score al the way down to 480 but I have fixed that over the past 5 years. So to answer the question, YES, there is hope for you!
Flag Fri May 30, 2014
With a score below 640 you will have a hard time getting approved for a mortgage loan.

You should consult with a mortgage consultant and see what you can do to increase your scores.

Best of Luck to You!!

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Feb 19, 2013
Another person lost their investment so another person could take their house for an adjusted price - a price more commensurate with actual values, before they were hyper-inflated by Realtors, and brokers, in the first place. Oh Joy.

And never - Never - shall the mention of Architecture or Architects come up in the conversation.

Because the page is for Realtors.
The page is for Brokers.
The page is not for Architects or Architecture enthusiasts.

If you can ride the wave and pay the fees for Brokers and Realtors JUST LIKE ALWAYS then this is the page for you.
0 votes Thank Flag Link Sat Jan 19, 2013
Call OR e mail ,I just closed a short sale in apple valley clients are very happy with this area need some details ..thanks HENA MARTIN BROKER
0 votes Thank Flag Link Sat Jan 19, 2013
No. It doesn't make any difference now because no banks are loaning unless you have 1/3 or 1/2 the loan amount. Ignore Credit scores and and all that Reporting garbage. Its crap in the system and it will all go away. Don't feed it.
0 votes Thank Flag Link Tue Nov 27, 2012
Treasgann;

Lenders will pull 3 FICO scores, and use the middle score as your FICO. A mid-FICO of 599 won't get you the best interest rate out there, but you may still qualify for a home loan.

Give me a call, I'll set you up with a local lender here in the High Desert. He'll pre-qualify you for a home loan, or at least work with you to get to where you want to be.

Bo Goulet
0 votes Thank Flag Link Thu Nov 1, 2012
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.


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
0 votes Thank Flag Link Thu Sep 27, 2012
Treasgann;

By itself, your FICO isn't too bad to qualify for a home. A lender will look at the full picture when approving you for a home loan.

It is an excellent time to buy.

Contact a lender right away. Together, you can put together a plan that will get you on your way to home ownership.

Don't hesitate to call with any questions.

Bo Goulet, cdpe
Certified Distressed Property Expert
DRE #01854568
Shear Realty-Spring Valley Lake
12170 Spring Valley Pkwy.
Victorville, CA 92395
Mobile: (760) 713-6137
0 votes Thank Flag Link Thu Sep 27, 2012
I understand you are currently looking to purchase a home. My name is Glenn Smith and I
Have 27 years’ experience in helping clients get into their dream home with the perfect financing
For their needs. I take advantage of all programs available and work to make the process as
Painless as possible.

Much of my success is due to the Realtor team of Jorge/Beck (760)912-2328) that I work with. In today’s market
You must have a solid realtor team on your side.

Please call or email me and take advantage of our experience.
0 votes Thank Flag Link Wed Sep 26, 2012
First you need to understand exactly where the problem lies on your credit report and address that issue without causing additional issues to arise. If there are several issues, you will need to attack those that will have the greatest impact first. The key is to take a proactive approach. Remember, just about everything you do these days depends on good credit so the faster you get started the better. We may be able to help check out our website at http://www.myuscreditcorp.com or call 855-GR8-FICO or 855-478-3426
0 votes Thank Flag Link Tue Sep 25, 2012
Finish paying off the debt and then see how your score looks. And please, writing in all caps is considered shouting.
0 votes Thank Flag Link Tue Sep 25, 2012
Not good unless you can show the project pencils out. You could probably still build to a budget instead of buying an existing house - thats what an architect does. Ever consider doing that?
0 votes Thank Flag Link Tue Sep 25, 2012
Rafael Jorge with Century 21 Fairway in Apple Valley, there are some incredible first time buyer programs still out there. The first thing we need to do is sit down and see your particular credit challenge, from there we can plan a strategy and help you repair your credit. We need to bring it up to 640 ficus for to qualify for most of the down payment assistance programs. Please call me at 760-912-2328.

Thank you for your question
0 votes Thank Flag Link Sat Sep 8, 2012
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