Home Buying in 17408>Question Details

Susan J Bric…, Other/Just Looking in York, PA

How hard is it to get a loan for a house if credit is poor?

Asked by Susan J Brickell, York, PA Fri Sep 6, 2013

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It is hard to fully grasp this question because I do not know the complete specifics of your situation but I will try to help. If you are thinking of applying for a loan for a house, credit score is not the only factor that is looked at, although it is important. Other factors such as income, debt, employment, expenses, liabilities, assets, along with credit score are all looked at to see if you can qualify for a loan. I am not sure what you consider "poor credit" but lenders like myself have been able to give people loans with scores as low as 580. I suggest you call a lender, like myself, so that we can try to help you out in your situation or at least point you in the right direction.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
The main focus should be to triage your credit reports to see what is bringing you down. It is medical collections? Credit card charge offs? Judgements? Late payments?

Many times collections agencies will report trade lines but they are not legally entitled to the debt they are claiming you owe them. Medical collections can be removed by leveraging HIPAA privacy law statutes to your advantage.

Judgements tend to have innaccuracies reporting to the three major credit bureaus which can lead to a removal from your reports.

These are just some examples of methods to take in credit repair.

Improving your credit standing before applying for a mortgage is the preferred way to go.
0 votes Thank Flag Link Fri Sep 6, 2013
Poor credit will keep you from getting a home loan. A credit counseling company should be able to help you get your credit back on track. Aim for a 640 score minimum. Keep your balances low.
Save as much money as you can while you are working on your credit. You can never have too much money in the bank when it comes to buying a home.
Another thing you will need is a 2 year work history in the same profession (not part time).
Bill is correct, talking to a local lender about what the steps are to getting a loan is a great idea.
By doing these things, you will be on your way to home ownership!
Susan Horner, Realtor
0 votes Thank Flag Link Fri Sep 6, 2013
The worse the credit the more difficult it will be.
0 votes Thank Flag Link Fri Sep 6, 2013
Susan

That certainly can be challenging but the best way to find out is to have a discussion with a reputable local mortgage lender. If you would like the names of a couple please feel free to email me directly at bill@moveyork.com
0 votes Thank Flag Link Fri Sep 6, 2013
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