Home Buying in 60193>Question Details

jtchandler602, Home Buyer in Lombard, IL

I am looking to purchase a house within the next 3 to 4 months in the Schaumburg, IL area. My credit score is 591 at this time.

Asked by jtchandler602, Lombard, IL Fri Jan 18, 2013

I filed Bankruptcy in 2010. I am looking to purchase a home for $250K to $300K. My income is the mid 90’s and my debt is $8K Auto Loan, $700.00 credit cards and $20K in student loans. I have paid all my creditors on time since my Bankruptcy. I will have at least a 5% down payment. Is it possible to get approved for a loan or should I wait until my credit score goes up?

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Mr. Chandler, if you are still in need of services to purchase your home, we are the largest fannie mae brokerage in the state which means we have a ton of foreclosures that have been completed updated/ rehabbed for super cheap. We also provide financing for low credit scores as well as the best credit repair services around.
Email me if you are still in the market:

shane@shanejoneshomes.info
0 votes Thank Flag Link Mon Oct 14, 2013
We specialize in obtaining mortgages for clients that banks can't help. We can help because we deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a pre-approval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes Thank Flag Link Tue Oct 8, 2013
Hey Jtchandler602!!!

I work with a lender that can work with you as long as your credit scores are above 580!!!!


I would be glad to give you their phone # so you can chat with him.

Give me a call 630.429.4486
0 votes Thank Flag Link Wed Jun 19, 2013
Hello

I help clients like yourself every day. With a little help on a credit and the right property you can buy a house with FHA financing. I am a very active agent in the area and can help you get your dream home quickly. Contact me to discuss further.

Thank you and good luck.
0 votes Thank Flag Link Fri Jun 7, 2013
Good afternoon jtchandler602,

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 Wed May 29, 2013
i have a great progrem for you
that can help you improve your credit and buy the property
contact me
0 votes Thank Flag Link Wed May 29, 2013
Hi Jtchandler. Well a couple of things. 1st. You need to wait 24 months after that BK to apply for a loan which you already meet that requirement. Also, you are going to find that most lenders won't lend to you unless you have a 640 score. We start our FHA loans at a 600 score so if you have a 591 you are pretty much right there. Also, a lot of times the score you are pulling through consumer websites is different than the ones we pull so you MAY already have a 600 middle score. Give me a call and we can run it to see. I will be in the office pretty much all day.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
http://www.qmlending.com
630-330-2229 cell
0 votes Thank Flag Link Fri Jan 18, 2013
It's best to contact a loan specialist - many variables, such as: was a mortgage loan included in your Bankruptcy, etc.
A good loan officer will give you a plan of action to improve your credit score, if not within the time frame needed, perhaps within 6-12 months.

I can suggest:
Barbara Wojtach
Fifth Third Mortgage
MLO, AVP
847-341-1216 cell
888-638-7103 e-fax
Barbara.Wojtach@53.com

Art LaValle
Platinum Home Mortgage Corporation
office# 847-797-9500 ex 138
cell# 847-987-4356
fax # 847-890-6259

Best of luck!
Anna
0 votes Thank Flag Link Fri Jan 18, 2013
When was your BK discharged? You should talk to a home loan specialist, that individual would be able to inform you of what you need to do and how much time it should take to qualify. This shouldn't you cost anything, just go in as if you are getting pre-approved for a home loan.
0 votes Thank Flag Link Fri Jan 18, 2013
I would suggest you speak to a loan officer at your bank. They would be the most qualified to answer your question.
0 votes Thank Flag Link Fri Jan 18, 2013
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