Home Buying in 30519>Question Details

TJanay87, Home Buyer in Buford, GA

Hello, I am interested in becoming a home buyer. I am 25 yo, I have a subpar credit score. Any advice?

Asked by TJanay87, Buford, GA Tue Mar 19, 2013

I currently live on my own in the area, and would like to stay around this area. Interested in purchasing a townhome. Can anyone point me in the right direction for home ownership?

Help the community by answering this question:


Shop around for a mortgage broker that can review all your financing status and provide you with a pre approval letter for the amount that you can easily afford. Mortgage brokers have access to many banks, private lenders and different programs.
After you know how much you afford the next step should be getting in touch with a real estate agent that can assist you, advice you and finalize the buying process.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Wed Jul 31, 2013
You should talk with either your banks mortgage officer or a local mortgage broker to get your scores and see if you can qualify for a mortgage.
Check http://www.creditkarma.com for a free check of your credit score. Does not require a credit card or buying anything. But it is only a guide for you. If you are below 640, start working on improving your scores.
When you are ready, find a great agent that is local. Re/Max has over 90,000 agents world wide and there is always a local expert nearby. Why roll the dice with anyone else.
Best of Luck to you.
0 votes Thank Flag Link Sun Jul 14, 2013
Here's an infographic that might shed some light on the process.


Please remember to consider some of the various down payment assistance programs available in Gwinnett County.

Would enjoy the opportunity to speak with you when time permits.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR® Certified Affordable Housing Counselor, Buford Resident
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Tue Mar 19, 2013
I would recommend talking with a couple of real estate agents in your area to find out who is best qualified to help you get qualified by a lender and search for homes that meet your needs.
0 votes Thank Flag Link Tue Mar 19, 2013
Freecreditscore.com is the site I recommend :)
0 votes Thank Flag Link Tue Mar 19, 2013
Thanks everyone for your advice. My first goal, is to improve my score. Where can I go to obtain my credit reports?
0 votes Thank Flag Link Tue Mar 19, 2013
You can't go very far with a sub-par credit score;
do not resign yourself to it:
Getting a home loan isn't just a matter of getting it; your bad score will result in either being rejected, which will lower it further, or, getting a crappy interest rate.

Google; mortgage calculator,
and play with the numbers: see what a 2% increase can do to your monthly payment.

My advice would be to concentrate on improving your score and delaying the purchase.
0 votes Thank Flag Link Tue Mar 19, 2013
Hi TJ,

I can assist you wthi this process here are just a few ways.

Helping you locate a home that will be a joy to live in.
Negotiate a good price and terms of sale.
Protecting your earnest money.
Having seller pay part or all closing costs.
Suggesting sources of financing and other service professionals, such as home inspector.

Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
Free Buyers Agent
Direct 770-307-8751

Full Time from 1993-2013
0 votes Thank Flag Link Tue Mar 19, 2013
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

You would need to contact each of your creditors directly to see what your options are. Paying off derogatory debt will help improve your credit score in the long run, but not immediately.

With collection accounts, most of the damage is done when they are initially placed on your credit report. Some collection companies are now reporting you are late each month the debt goes unpaid. This continues to drag on many people’s credit scores each month until the debt is paid in full. Until you do that, your credit score has little chance of improving.

In exchange for paying the collection account in full, you can try to negotiate to have them completely remove the derogatory item once the payment is received. Some collection agencies will do this, while others will not. You will just have to ask each one and see. If they will not remove it, just having it paid and closed will help in the long run.

All liens and judgments will also need to be paid in full. These impact the title position of a mortgage so they must be satisfied.

To build positive credit, you typically need to have 2-3 trade lines reporting for 12-24 months. There should be no late payments or other derogatory items reported in the last 12-24 months. On your Revolving credit accounts, your outstanding balance on your monthly statement should not exceed 30% of the credit limit.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase once you are ready, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Tue Mar 19, 2013
Sure TJ, I'd be glad to help.
There are townhomes available in this area.
What is your income looking like? If not purchasing with cash, you will need to get
pre-approved for a home loan by a mortgage lender.
Let's discuss your options further.....

Laquita Baez
Better Homes and Gardens Real Estate Metro Brokers
0 votes Thank Flag Link Tue Mar 19, 2013
I would recommend that you find a great agent and talk to her about the process and timing. Then ask her to refer you to a couple of trusted lenders. Talk to them about your financial status and what you can do to improve your ability to obtain mortgage financing. They will be happy to give you professional guidance and advice for handling your particular situation. Good luck and your timing is great.
0 votes Thank Flag Link Tue Mar 19, 2013
Find a good Mortgage Lender (or two) and let them guide you in how best to get your credit repaired in order to become a home owner, TJanay87. Many have walked in your shoes previously. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond





0 votes Thank Flag Link Tue Mar 19, 2013
We work with some great lenders who offer competitive loan programs for all credit scores. We also specialize in homes in the Buford area. Please feel free to give us a call- The Hill Wood Home Team (678)714-6384 or email us at info@hillwoodhometeam.com
0 votes Thank Flag Link Tue Mar 19, 2013
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