Lynn, Home Buyer in North Charleston, SC

HELP ME my credit it shot. i need to repair my credit, and get approved for a loan where do i start i need to have this done in 6-7 mths can it happen

Asked by Lynn, North Charleston, SC Mon Jan 31, 2011

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If you use the right lender you can get a home loan with a 580 credit score, I would recommend The Lenders Network, if any company can get you a loan they can. I have had clients with under a 600 score get approved and we closed within 30 days... Brilliant real estate minds with a ton of lending contacts, if you need credit repair the owner used to own the best credit repair company but now is partnered with a company they can refer you to and you can be at or above a 580 in just a few months.

Good Luck!
5 votes Thank Flag Link Mon Aug 5, 2013
FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just out of reach for some would-be homeowners with questionable credit history.
Credit History and Score Requirements
For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.
If your credit score is below 580, however, you aren't necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.
So if you're planning to buy a house, and your credit score doesn't meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.
2 votes Thank Flag Link Wed Jul 15, 2015
Hi Lynn

By Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers

Most importantly don’t do anything until your loan officer looks it over with you. So many times people do what would seem like a good idea; pay off a past due or pay off a credit card and close the account to later discover they actually lowered their rating.

Loan officers work with credit continually and many times can suggest a notification or two and presto the rating is up. Maybe there is a late pay that didn’t happen or maybe should have fallen of the report months earlier.

They have a very strong incentive. They can’t make a loan unless the credit is acceptable so the experienced loan officers know their stuff.

An article that will serve you well is '#13 Consultation Interviewing Loan Officers' at Your Road Home.com. Also article #5 Your Credit and Financing Your Home.

Choose your loan officer before you allow anyone to fix or monitor your credit. Your loan type will dictate the required rating. Once you know exactly what needs to happen you can direct the requirements, establish a time line and plan your next step.

The shortest path to owning your home.

Most importantly;
Don’t let anything or anyone deter you from your goal of owning your home.

Best of Luck, Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers
Web Reference: http://Your-Road-Home.com
1 vote Thank Flag Link Fri Jul 19, 2013
Good afternoon, Lynn:
Here are Ten tips for repairing your credit history, raising score http://goo.gl/INE80 , Following these steps works! You might also want to review the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" in the link below. Once you have read these, I suggest that you talk to a mortgage banker for a lender who is making loans to borrowers with middle credit scores of 600+ FICO. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
1 vote Thank Flag Link Fri Mar 15, 2013
call me 803 741 4240, leave message, you have options
1 vote Thank Flag Link Tue Mar 12, 2013
Quicken has a pretty nice service called Fresh Start. They help reach your goals and give you a refund if you close their loan with them. The service is $300 but I have seen it first hand and I have to say, it's pretty helpful. It gives you quite a few simulations of situations that would increase your credit based on your personal file.
1 vote Thank Flag Link Mon Dec 10, 2012
1 vote Thank Flag Link Mon Dec 10, 2012
You can use a credit repair service but they are expensive and not too effective. The Credit Protection Act has over 80 pages of rules and regulations that creditors must follow so it can be overwhelming. Credit Repair Software programs are becoming more popular but are more of an E-Book. Take a look at http://ineedtofixmycredit.blogspot.com which will guide you in this process so you can do it yourself and save money.
1 vote Thank Flag Link Sat May 19, 2012
Hi Lynn

We have some great tips listed at the link below. You may also want to find a great mortgage broker that you trust - I can refer you to someone, or you may already know of someone. A good mortgage broker can often be very helpful in letting you know what you qualify for, and if you don't currently qualify - what steps you need to take. Please let me know if my team can be of further assistance.

Thanks,

Torri Jacobsen, Realtor
Military Homes of Charleston
Exit Realty Charleston Group
1 vote Thank Flag Link Wed Mar 9, 2011
Hi Lynn!

This is a pretty broad question. The first question for you is what is making your credit shot? It all depends on what is on there to answer how long it will take to "repair" it. If you have judgements, most likely they will need to be satisfied before you can get a loan. If it takes you more than "90 days" to do that than I don't see as how your credit will be fixed by then. Are there any repo's, foreclosures, collections? Is it just late pays? I don't see how anyone can tell you that your credit can be "clean" in a matter of a certain time without knowing what's on there and what resources you have to work with.

your best bet would be to get with a lender and have them run your credit. They will tell you exactly what you need to do and what is holding you back.

I would shy away from the quick fix credit repair companies. Remember if an item has the right to be on your report..it will be on your report. Even if someone can get it removed temporarily, it will come back. Do it the right way. Make your payments on time, Pay your balances down. Pay off your collection accounts and judgements.

I think it's a mistake to put such heavy stips on yourself such as "6-7 months" I can't think of such an emergency that would make someone NEED to buy a home in that time.

The very first step for you is to get you credit report in front of you and take inventory. I will tell you one of the biggest factors in lowering a credit score is a high balance on a credit card. For example:

$5000 Credit card limit
$4500 in charges
= low credit score

The way the banks look at it is...Credit is not being handled responsibly. It does not matter if you make the minimum payments on time it counts for 30% of your total score (See below)
http://www.scoreinfo.org/FICO-Scores/Score-Ingredients.aspx

I hope this helps!

Jonas Mancuso
Remax / Lakeland
http://www.talktohouston.com
1 vote Thank Flag Link Tue Feb 1, 2011
Yes you can have your credit repair within 60 - 90 days I owned a successful credit repair company for 10 years consultant now many families across the country.

It all depends on what is on the credit report and length of time . If less than two years old you will have little to no hope clear credit issues. If over 2 years old negative issues would be hope. However if issues are more than 5 years COULD be not to touch those files

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote Thank Flag Link Mon Jan 31, 2011
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