Home Buying in Arverne>Question Details

Ms Paula, Home Buyer in Arverne, Queens, NY

I'm 37 years old and interested in buying a house. I would be a 1st time home buyer. I make about 85k a

Asked by Ms Paula, Arverne, Queens, NY Sun Aug 2, 2009

year, but I have credit score in the area of 500's to 600's. What could I do to qualify for a mortgage?

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Answers

3
Good afternoon Ms Paula,

First step:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today.

If your credit is less then outstanding here are some steps to help fix your credit:

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.
http://www.consumer-action.org/

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. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

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
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Wed Apr 24, 2013
Hi,
Im a real estate investor, and believe it or not, I started a lot like you. You can DEFINITELY get yourself a really nice place before and while you fix you credit. Contact me and I'll coach you on your credit for free, and if I can, I'll help you get into a great place. I live in Manhattan and I do a lot of "rent to own" deals in Queens for people that earn a solid income but need better credit.
Call me and leave a message if I dont answer. My number is 347 903 4786. If youd prefer you can send me an email and we can set a time to talk. My email is adamtilove@gmail.com.
0 votes Thank Flag Link Thu Aug 30, 2012
Hi Paula,

Talk to a direct lender and ask about their FHA programs. FHA doesn't really look at the credit scores, they tend to look at the overall picture if you can pay the mortgage. =)
If your credit score is low because you pay cash for items and don't really use any credit cards, you can see if a lender can use alternative credit. Being, receipts of rent payments, gas, water or paid phone bills.

When you talk to your lender take the following basic items:
»W-2s for 2007 & 2008
»Paystubs for the past 2 months
»2 Recent bank statements

Good luck Paula,

Jes Sierra, B.Sc., Realtor®

http://www.hellomynameisjes.com
0 votes Thank Flag Link Mon Aug 3, 2009
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