Home Buying in Bradenton>Question Details

dporty816, Home Buyer in Miami, FL

I have a credit score of about 550. help!

Asked by dporty816, Miami, FL Tue May 14, 2013

Divorce and layoffs were the culprits to my downfall.. I have the 3% saved for the 1st time buyers program .. was wondering if the rating would be a problem? I am in Florida. Anyone with recommendations? or agents to help in Manatee County Florida

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Good afternoon dporty816,

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.

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.

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!
2 votes Thank Flag Link Tue May 14, 2013

I can provide you with a contact information from a company is been helping some of my clients ,and successfully we was able to get approve and purchase I know they clients from all over the place, again is just a company I saw the result with some clients but we ARE NOT related.
Let me know if the info and will forward to you.

Have a nice day

Maricel Zaldumbide, CREO.
Broker, Lic. Real Estate.
Short Sale & Foreclosure Specialist.
AllianZe Realty Group.
Cell: 954.793.7489
E-mail. mrealty08@gmail.com
0 votes Thank Flag Link Tue May 14, 2013
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