Home Buying in Atlanta>Question Details

Raegan Davis, Home Buyer in Atlanta, GA

I am looking to purchase a home with a 570-620 credit score. Is it possible to get a loan in Atlanta for $ 150,000 with a $34,000 salary?

Asked by Raegan Davis, Atlanta, GA Sat Apr 6, 2013

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8
Hey Dionne,

I would love the opportunity to take a look at your situation. Feel free to contact me anytime.

Thanks,

George Cohen
Mortgage Banker
678.442.3401 Office
678.985.5923 Fax
gcohen@brandmortgage.com
apply online: gcohen.brandmortgage.com
0 votes Thank Flag Link Fri Jun 21, 2013
Good morning Dionne,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Fri Jun 21, 2013
I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Condotel
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
Email: thegocp@gmail.com
0 votes Thank Flag Link Thu Jun 20, 2013
You will need to speak to a lender for each has different qualifications. I would be happy to get you in touch with a few lenders to start having those conversations. Worst case scenario, they advise you on what steps need to be taken to get your credit score where it needs to be to be able to get approved in the future. Feel free to contact me and I'll send you over some more info.

Sarah Moore
The Live in Atlanta GA Team
Keller Williams Atlanta Midtown
678-641-7925
sarah@liveinatlantaga.com
0 votes Thank Flag Link Mon Apr 8, 2013
hello Dionne
the first step you need to take is getting a pre-approval from a qualified lender. I could get you into with some great lender options. I'd be so happy to assist you in the your home buying process. give me a call.

Kaylane Peters
Coldwell Banker South Gwinnett
Licensed in Ga. & La.
kaylanepeters@hotmail.com
404-907-0798
0 votes Thank Flag Link Sat Apr 6, 2013
Hi Dionne,
I know having questions regarding credit is key when purchasing a home. Of course the first step toward homeownership is getting preapproved by a qualified lender. Each lender's requirements for purchasing a home can be different. Most times credit scores would need to be at least 640 or better for lenders to qualify you for a home. But there are some lenders who may accept a credit score of at least 580 to 620 with a larger downpayment. Normally a FHA loan requires 3.5 percent downpayment. If you need information on lenders who will accept a credit score of at least a 620 give me a call. I know of some lenders I can refer to you. Also, If you need a realtor to work with you, please contact me.

Gwen Harvey
Solid Source Realty GA
770 475-1130 Ext 6104
0 votes Thank Flag Link Sat Apr 6, 2013
Hi Gwen, thanks so much for your reply. I actually have a preapproval letter from a lender. However, it is only for $80,000 and I just have not been able to find a suitable home in that price range and definitely not in any areas I would be remotely interested in living in. I was told that my preapproval amount was based on my $34,000 salary, but I have heard of so many scenarios where $34,000 can get at least a $150,000 mortgage. If I could find a lender that will qualify me for a little more, I could possibly find a home that I could be satisfied with. Thanks for your help.
Flag Sat Apr 6, 2013
Hi Dionne,
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.

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, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
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 Sat Apr 6, 2013
Consider contacting a Lender, Dionne. There are many factors to consider in determining where your price point and loan amount could be. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
0 votes Thank Flag Link Sat Apr 6, 2013
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