Home Buying in 60025>Question Details

Porcelaindoll, Home Buyer in Glenview, IL

I am currenlty trying to buy the home I rent. The landlord is willing to sell it he is thinking of doing it

Asked by Porcelaindoll, Glenview, IL Sun Apr 26, 2009

as a short sale. Which is good for me. However, my concern is my scores are very low. I have a 590, 618 & 629. I was hoping to qualify for an FHA loan but told my score has to be 620. My income is 93K and have a good stable job, what can I do and who can qualify me for financing?

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Answers

3
Bryce Fuller’s answer
The best thing to do is get your credit score up. Many lenders will coach you in the process and do something called a rapid rescore. This can usually add a couple of points to your credit score and then help you qualify for an FHA mortgage.
0 votes Thank Flag Link Tue Jan 8, 2013
Did you buy this property? I'd like to hear how it worked out.
0 votes Thank Flag Link Wed May 22, 2013
You can keep shopping around, but the reality is that you may not find any good loans with those credit scores. Work on improving your credit. Start by getting a copy of it and ensuring it is correct, then pay down balances and ensure you're paying on time. Also, do not let anyone else run your credit - each inquiry reduces your scores.

I am not sure why you say the landlord doing a short sale is good for you. I mean, with short sales, the buyers carry a huge risk. If it was a traditional sale it would be much better for you.
0 votes Thank Flag Link Sun Apr 26, 2009
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