Home Buying in Woodbury>Question Details

Leslie, Home Buyer in 10475

I have had life circumstances that have affected my credit. My credit score is lower than I thought (617). Is there any hope to buy a home?

Asked by Leslie, 10475 Thu Nov 10, 2011

I would be a first time home buyer. I am not even sure if FHA will even consider me. I have never defaulted on loans, foreclosed nor declared bankruptcy and I have a stable work history and income. But due to my cats getting sick and unanticipated dental work, I had to use my credit cards, some of which are maxed, although they are coming down. To top it all off, I had a death in the family that rocked me and as a result, I neglected my finances due to being consumed by grief. This was over 2 years ago, but it still is affecting my score. I really would like a home because apartment living is just killing me. So many nasty neighbors. Also I am not looking for anything fancy. It's just me and I want a 2 bedroom home which in Waterbury is doable. I wanted to take advantage of the market as this is the only way I can afford a decent home. Is there any hope? What are my options? I do have some $ for a down payment. I would really hate to commit to another lease. Thanks.

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7
Leslie,
Your score will go up every month that you bring down your credit card balances. You may want to consult with the credit counselor at your local non profit housing group on how to speed up an increase in your credit score.
Good luck.
1 vote Thank Flag Link Fri Nov 11, 2011
Thank you all for your wonderful words of encouragement. I am certainly glad to know that there is hope. I am not an irresponsible person, just unfortunate circumstances. That's life. But thank you for making me feel that I can pursue this venture and all the resources as well!
1 vote Thank Flag Link Fri Nov 11, 2011
Ask your Realtor to refer you to the loan officer they trust the most, then work as a team.
1 vote Thank Flag Link Fri Nov 11, 2011
Hello Leslie,

I'm very sorry to hear about the trials and tribulations life has handed you, although here is your point of relief!! As it sounds by what you explained you are not very far from a new home. I do have a few questions for you though and I have the perfect mortgage broker that will not only work closely with you, he will ultimately get you on the path of homeownership.

Give me a call if you'd like to move forward and chat 203-435-7405
1 vote Thank Flag Link Thu Nov 10, 2011
Hi Leslie,

Your best option is to talk to a mortgage officer, we have a wonderful loan officer in our Coldwell Banker Glastonbury office, Barbara Hallwood. She will sit with you and speak with you about whether you can purchase now or what you need to do in order to put yourself in a position to purchase. Her email is barbara.hallwood@nemoves.com

Good luck

Anne
1 vote Thank Flag Link Thu Nov 10, 2011
There is always hope. That is because Pandora shut the box in time! To be more practical, not Trulia but a good mortgage officer, like Suzanne Greene (nice and smart and patient!) (suzanneg@fairwaymc.com) is who you should talk to. Good luck with your earnest quest.
0 votes Thank Flag Link Thu Nov 10, 2011
If you have never owned a home CHFA will except scores down to 580. McCue Mortgage will go to 620 but Norcom goes to 580. I agree that a mortgage officer is your best option. I recommend Justin Hardgrove at Norcom. His number is 860-202-7740. Any other questions do not hesitate to ask.
0 votes Thank Flag Link Thu Nov 10, 2011
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