lizmaria222, Home Buyer in Philadelphia, PA

I found out my credit score is 572/555/589 and I need help to see if it will be hard for me to apply for a mortgage?

Asked by lizmaria222, Philadelphia, PA Thu Jan 16, 2014

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7
Call Philly Advisors Lending- Mary Jo Elliott @ 215-796-0284! She is the best around.
0 votes Thank Flag Link Sun Jan 19, 2014
With the credit scores in their current state, you might find a lender or two out there to work with you, but the terms may not be the greatest.

Not to discourage you from applying - by all means if that's what you want to do then go for it - but if you are able to get those scores up into the 600-620 range then you will have a greater selection of lenders and more options. More options = the ability to shop for the best loan terms and a lender you are comfortable working with instead of any port in a storm.

That's just my two cents. If I can be of assistance in helping you get those scores up and working towards a pre-approval then let me know.

Tony

Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 595-7130 | Direct (248) 728-0078
tony.grech@pmac.com

Visit my website at http://tonygrech.pmaclending.com
0 votes Thank Flag Link Fri Jan 17, 2014
Its time consuming & can be overwhelming but if you make it your #1 priority, you'll be fine. I did it for myself, and a few clients. Its too much info for here so when you get a chance shoot me your email and I'll send it over your way.
Flag Fri Jan 17, 2014
&& how can i get a score of 600. what's the best way to bring it up within 3 months i need to move out!
Flag Fri Jan 17, 2014
Ok! Thanks I'm going give you a call.
0 votes Thank Flag Link Fri Jan 17, 2014
Hey Liz, I totally agree w/Tabit but I do know of a Program which will qualify you at those scores and walk away w/a 4% interest rate (as of today's date)...if your interested call me 267-912-5578.
0 votes Thank Flag Link Fri Jan 17, 2014
Good evening Liz;
I work with a loan officer who can obtain a mortgage at your credit scores.
Beside from a mortgage there are many other pieces to fit in in obtaining your new home.
You may contact me to discuss .
Don Sherman
Century 21 Advantage Gold
Cellphone-267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Thu Jan 16, 2014
Hi Liz, If you email me, I can send you the contact information for a mortgage consultant who can tell you what you need to do to improve your credit. My email is CBlouch@kw.com.

-Chris
0 votes Thank Flag Link Thu Jan 16, 2014
Liz,
It's not hard to apply, but it will be tough to get approved. Lenders generally use your middle score and if the scores your lender obtains are the same that you report, your middle score is 572. It's often stated that FHA may consider you as low as 580, but your score is only one consideration. Your income, assets, employment history and security are others.
I would encourage you to take some time to find out why your scores are low and focus on that for a while. Low scores not only make it difficult to get approved, if you are approved your rate and terms will be tougher than if you have better scores.
Some quick tips on improving your credit are to establish and live in a budget that includes savings, anticipating surprise expenses like auto repair and to pay your bills early. Next, pay down any open accounts to 1/3 or less of their limits. Maxed out accounts drive down scores. Just don't close any accounts as that will also lower your scores. Dispute any errors you find on your credit report with the reporting agency, like Experian, Transunion or Equifax. Provide proof that the information reported is wrong and request an immediate correction.
Finally, start looking for a great local lender who can help you with this. A lender I use will review credit with a client and assist them even further. The sooner you start, the sooner you can be a home owner. Best of luck.
0 votes Thank Flag Link Thu Jan 16, 2014
Most of this is good information but in regards to disputing accounts. , you cannot get a mortgage with disputed accounts on your credit report.They will need to be resolved and dispute removed prior to getting a mortgage
Flag Mon Jan 20, 2014
Hi Liz,
Thanks for the reply. If you are still behind, work hard to get caught up before you apply. If you are current and have been on time for a while, consider seeing how fast you can pay down the balances. Whatever you do, DO NOT close any accounts, this will lower your score. Pay them down, to 1/3 or less one at a time until your scores are either above 600 or they are all paid off.
Create a debt snow ball by focusing on the smallest balance first, then shifting to the next smallest one. It's very freeing to get out from under the burden of debt and beneficial for qualifying for a great mortgage.
Flag Thu Jan 16, 2014
Thanks a million! The reason is because my credit card was max out and I was laid off last year so now that I'm working am paying back the money.
Flag Thu Jan 16, 2014
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