Home Buying in Dallas>Question Details

Evecpa20, Home Buyer in Dallas, TX

I have a credit score of 563. I do want to start working on improving my credit to possibly qualify for a mortgage. I really need advice on how to

Asked by Evecpa20, Dallas, TX Thu Nov 7, 2013

start improving my score and if any realtors are willing to work with me to steer me in the right direction. Please help...thank you.

Help the community by answering this question:


I have a program that does not use FICO scores, just your behavior within the last 24 months. I also consider alternative credit such as payment history on utilities if you have a limited number of open accounts on your credit report. I have closed people with FICO scores lower than 563.

My program also does not require any down payment or closing costs. In order to get into a $100,000 home you only need to have saved ~$4000.

To learn about the program you can attend a workshop, the list can be found at http://www.naca.com. I will doing the next one on Saturday Nov. 16 at Hamilton Park United Methodist Church, 11881 Schroeder Road, Dallas, TX 75243 from 9-Noon. There is a lot of information given so bringing a pad and pen is recommended. I hope you can make it.

John Lyng
Mortgage Counselor - NMLS 280951
1 vote Thank Flag Link Mon Nov 11, 2013
If you are interested in finding a property that is for Sale right now to live in contact me I have a program you can apply for that might be able to get you into a house today for lease with right to purchase with no obligation!!! Not only can you get into a house that is for SALE and not have to settle for a lease property that you don't really care for but they will help you work on your credit as well.


Buy/Sell through me and I'll move you for FREE*!!
*some restrictions apply, ask for details*
1 vote Thank Flag Link Fri Nov 8, 2013
Yes! FHA allows lenders to approve loans with a 580 credit score. A good site to go to get connected with a reputable lender that offer loans with poor credit is, The Lenders Network. If anyone can get you approved for a loan with bad credit they can! If they cannot help you get approved then the guys there can help you get your score up to qualify pretty quickly in my experience with them.

Good luck!
1 vote Thank Flag Link Thu Nov 7, 2013
Through its new program, Back to Work—Extenuating Circumstances, the waiting period for most borrowers is now just 12 months instead of the typical three, seven or 10 years.

Borrowers must have experienced what the FHA calls “an economic event” that resulted in loss of employment, loss of income, or a combination of both that reduced their household income by 20 percent or more for a period of six months or more.
Borrowers must be able to demonstrate that they have fully recovered from the event. If they went into foreclosure due to losing a job, for example, they must be able to prove that they are now employed.
0 votes Thank Flag Link Sat Nov 30, 2013
We are a very active consumer credit law firm in Dallas. We have been dealing with credit issues and collection agencies for many years. Most bureau disputes and general credit repair has limited success and the US bureau dispute system is not designed to validate debt. Too often consumers do more harm than good. Please feel free to call if you would like a free analysis. Ken Schopp 469-358-1358.
0 votes Thank Flag Link Fri Nov 8, 2013
I know Lenders that work with 580 credit score. I can then help you find yir home. Call me 214-527-7144 Thanks,
0 votes Thank Flag Link Thu Nov 7, 2013
Contact any lender of your choice for real hard answers. Just one thing, there is NO SUCH THING as a credit fix. Don't waste your money or time. However people do what they want and don't listen. Only paying your bills on time and time to pass on the old ones will make your credit score better.
0 votes Thank Flag Link Thu Nov 7, 2013
See info on the link below, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
0 votes Thank Flag Link Thu Nov 7, 2013
We're able to approve FHA loans with credit scores as low as 580. Give me a call & we'll see what needs to be done to bring your score up a few points.

K.C. Jones
Gold Financial

Get prequalified now: http://www.goldprequal.com/kjones
0 votes Thank Flag Link Thu Nov 7, 2013
Does that include secondary home buying?
I only have 5,000 for downpayment
Flag Thu Nov 7, 2013
Contact Andrew at 469-774-4727 and he will help you get started...mortgage man and works closely with buyers improving their scores. Good luck to you.
0 votes Thank Flag Link Thu Nov 7, 2013
Hi there,

Yes we just need to get you to 620-630 to get your a home mortgage.

You can call me at 214-519-9493. I would be happy to help you

0 votes Thank Flag Link Thu Nov 7, 2013
I agree with my colleagues that getting a great local lender in place early is an important step. I have a lender I work with in Washington that has worked with clients to improve scores and I used to do it too when I was a licensed lender.
Some basic starter steps are to pay everyone on time or early. DO NOT close any accounts, this will lower your scores. Pay down balances you have on open credit lines like credit cards or car loans. The more available credit you have on existing lines, the higher your scores will go. Do not apply for any new lines of credit unless your lender suggests you do. Each inquiry will reduce your score and a denial is tough on it too. I hope this helps.
0 votes Thank Flag Link Thu Nov 7, 2013
I work with several great lenders that can analyze your credit and tell you exactly what to do to get your credit score up and help you put together a game plan towards home ownership. Send me an email and I will be happy to assist.

Chris Boyington
0 votes Thank Flag Link Thu Nov 7, 2013
Be careful about getting advice on improving your credit score. I have heard on some who received advice to pay off all their debts to increase their credit score and in actuality, their rating DROPPED. Make sure you get advice from someone who knows what they are talking about and can show proof of it.

Also, FHA loans, though they are good for borrowers with less than perfect credit, are more expensive than traditional mortgages. The APR will end up being higher than market rates and because you are putting down less than 20%, the mortgage insurance will permanently be attached to the payment regardless of how much you pay down. Additionally, their PMI rate is higher than other loans. Just count your costs, ok.
0 votes Thank Flag Link Thu Nov 7, 2013
I have a great lender contact that can analyze your credit and tell you exactly what to do to get your credit score up. Send me an email and I will be happy to provide that information.

Web Reference: http://ToddHomesForSale.com
0 votes Thank Flag Link Thu Nov 7, 2013
I have a loan officer I would like you to speak with.
Drop me a line and we'll try to point you in the right direction.
That's who you really want to speak with, not realtors at this point.

First step is to get financing in place, then start shopping.
0 votes Thank Flag Link Thu Nov 7, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer