Home Buying in Philadelphia>Question Details

DirTay05, Home Buyer in Philadelphia, PA

I am desperately seeking help in trying to purchase a home, weather its rent to own which ever!!! My score the last time was 550

Asked by DirTay05, Philadelphia, PA Thu Apr 18, 2013

Help the community by answering this question:


Hi DirTay05

FHA Lending can finance a loan with a 620 Credit Score! As a Licensed Agent, I work with lots of qualified Loan Officers!

You should get your FREE credit report once a year and make sure its correct. Dispute incorrect items. That can improve your score too!
Loan Officers can explain in deeper detail all of your options.
If you can't purchase now, then definitely in 6 months to 12 months.

To get your credit in the best shape will result in lower Interest Rates!

I specialize in first time Buyers.

Please contact me in the near future to discuss your options!

Alexis Jeffries
Liberty Bell Real Estate
Of Jenkintown
Office: 215-885-3332
Direct Phone: 215-237-4147
Email: alexisjrealestate@gmail.com
0 votes Thank Flag Link Fri Jun 7, 2013
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0 votes Thank Flag Link Mon Apr 22, 2013
What you need is to meet face-to-face with a Loan Officer and allow him/her to review your credit and tell you exactly what you need to do in order to improve your credit score enough to be able to qualify for a mortgage. Sometimes it's something that could be repaired in a short period of time and sometimes it takes longer. It all depends on what's in your credit. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
0 votes Thank Flag Link Thu Apr 18, 2013
With a 550 score you need to get help so here is your homework go onto the internet and go to http://www.NACA.com then you call me and I'll tell you what to do next 215-725-5700 X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference: http://WWW.GreatPaRE.com
0 votes Thank Flag Link Thu Apr 18, 2013
640 is the standard you have to reach now. Maybe 620, but the best idea I have for you is to fix your credit, get it cleaned up and then in a year or so, then consider buying.

Good luck!
0 votes Thank Flag Link Thu Apr 18, 2013
An mortgage lender experienced with working for credt challenged individuals will be able to help you and give you a road map to becoming credit qualifying.

You may be a matter of days from being eligible and you may be many months. The difference will be your exact credit issues and the availabiity of funds to correct them. If you have collection accounts or charge offs totalling over $1,000 they will need to be paid. If you have credit card balances you should pay them down to a level recommeded by your loan officer.

Some loan officers have "what if" software that can determine exactly what you need to do to get the score you need. The credit score that you need will depend in part on your debt to income ratio. Tht DTI is the percentage of your gross income that will be spent on your mortgage and the other items on your credit report. If your DTI will be below 43% you may be able to qualify with a 580 score. If your DTI is higher you will need at least a 620.
Best of luck.

Wes Costello
AnnieMac Home Mortgage
0 votes Thank Flag Link Thu Apr 18, 2013
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