Yolandapearl…, Home Buyer in Eldridge/ West Oaks,...

I have admired this home for a while,but with my current credit score i cant not get finaced but am interested in this home i am a very interested .

Asked by Yolandapearley, Eldridge/ West Oaks, Houston, TX Mon Sep 6, 2010

what can i do to live in this home i have a good rental history, so i do pay my rent on time. I DO ADORE THIS HOME.

Help the community by answering this question:


What is your current score? If it is 585 or above you may be able to repair some of your credit within 120-180 days- pending of course what the problem is/ was. You can call a lending institution and get advice perhaps from the underwriter. Sometimes all it takes is writing a letter and disputing the debt if the debt is not yours. People with similar last names may get posted on your credit which is easily corrected once you send a copy of your driver's license and ssn number. Please be careful on what you disclose and to whom.

Best of luck to you! If you have additional questions, you can email - nancizimmerman@yahoo.com


1 vote Thank Flag Link Mon Sep 6, 2010
Maybe Seller Financing is an option? Let me know f you need help
Web Reference: http://www.ourfirstnest.com
0 votes Thank Flag Link Wed Oct 6, 2010
I agree with Marion, and to add, while you have a longing for a home in your area, there is nothing more difficult than being trapped in a home you cannot afford. I strongly urge you to get that good advice several of us have suggested to you from a mortgage lender who can tell you straight what you can afford and how it will be possible once you do what it takes to get that credit score up! Many homeowners will consider owner financing, however, I agree that you will also have to pay a higher than market rate for the priviledge!

Maintaining your credit has become of the utmost importance with not only mortgage and lending institutions using this information to rate you, but even insurance companies! Keep paying that rent in a timely fashion and do what you need to do to get the rest of the credit issues behind you so that when you do find the perfect home in your price range you will be able to act quickly before someone else.

Good luck!
0 votes Thank Flag Link Tue Sep 7, 2010
the new number is 580 to get an FHA backed mortgage. If your credit score is below that number, find out why. Is it due to high debt to income? Late payments? A mistake on your credit report?
The fact that you pay your rent on time tells me that you can be fiscally responsible when motivated. Here's your options if you are unable to secure a mortgage through traditional means:
1. Find a Private Money Lender and pay a larger downpayment and higher interest rate.
2. Work on improving your credit rating.
Good luck in all of your endeavors!
0 votes Thank Flag Link Mon Sep 6, 2010
Wow, didn't know this was a site that encouraged direct soliciation of consumers.

Yolanda asked a specific question, most answered with a soliciation, answered with contact information in their post or encouragement to check into certain lending programs.

Yolanda, even if you find someone who is willing to finance you in spite of a bad credit rating, you would be paying more, possibly much more for that "privilege".

Please educate yourself, know exactly what the penalties would be for getting a mortgage with a poor credit score, and consider waiting, even if it means losing out on this particular home, so that you can do credit repair and get yourself in a much better financial situation to buy a home.

It can happen, but do the work, be patient, be educated about the process and buy when it is truly the best time to buy for you.
0 votes Thank Flag Link Mon Sep 6, 2010
Take steps to get with a mortgage broker that can assist you with what it will take to get your credit score up to where you are able to get into the home you are admiring or another. A good mortgage contact is invaluable and they will give you the advice you need to be able to get into your own home and work with any creditors that have left durogatory remarks on your credit to get those cleared. A good lender will also be able to give you your forecase of what you can afford before you spend valuable time house hunting only to learn that your dream home may be out of reach.

I wish you luck and hope to see you in the market soon!
0 votes Thank Flag Link Mon Sep 6, 2010
You should be able to find a lender who can loan you funds.
What is your credit score and what is the home worth and what will be your loan amount?

Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Mon Sep 6, 2010
Hello Yolanda,

There are several lenders partners that work with credit challenged borrowers, I have seen and helped several buyer clients close on the house of their dreams when others told them it could not be done; please feel to call me tomorrowto arrange for an appointment w FREE consultation. I will have Mortgage Banker come join us and tell us what is best solution.

Best regards,
Mario Romero
R3 Yes! Real Estate
0 votes Thank Flag Link Mon Sep 6, 2010
Have your Realtor approach the property owner determine if you can lease then clear your credit. If you can qualify for a loan not much anyone can do IF YOU have been declined for a mortgage.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Sep 6, 2010
Unfortunately Yolanda, it sounds as if it probably won't happen right now. Best idea is to ensure that your credit from here on out is good and try doing some repair on the issues you have. With the current lending climate it is tough for people with blemishes on their credit to get financed if not impossible.

Good luck!

Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Mon Sep 6, 2010
Hi Yolanda. I have a lender who can offers loans to buyers with credit scores at 580 rather than 620. What is your current score?

Best regards,

David Meek - Broker
Leading Edge Realty
0 votes Thank Flag Link Mon Sep 6, 2010
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