Theresa, Renter in Elk Grove Village, IL

I would like to become a first time homehomer.I have been renting for is 900$ Been on my job for 23years.55,000.00 score is low.please he

Asked by Theresa, Elk Grove Village, IL Sat Dec 10, 2011

please help don't know where to begin.make 55,000.00 a year.have one score is about 510 just need to get in the house can pay my mortage.please help me get started.

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Steve’s answer
Please call Gene Walters for all your loan needs . Please tell him you were referred by Steve Kamarei

Gene Walters

HomeTrust Mortgage Corporation
1475 E. Woodfield Road #110
Schaumburg, IL 60173

Phone: 847.517.1700
Fax: 847.517.1711
Cell Phone: 847.217.7030
0 votes Thank Flag Link Wed Jul 18, 2012
We specialize in getting approvals for loans of this type. We can help as we deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes Thank Flag Link Tue Oct 8, 2013
Thank you just showed up for some reason today. Let's all close more!
0 votes Thank Flag Link Tue Jul 16, 2013
Thanks for pointing that out! The question just showed up in my INBOX today! Wonder where it's been all this time!
0 votes Thank Flag Link Tue Jul 16, 2013
Janet Baier & Leonard Pollard,
Please look at the dates of the questions you are answering. This question is 2.5 years old and Theresa has long ago made her choice. There are new questions going unanswered all the time. Please check for "Most Recent" when answering rather than add on to an old thread. You'll benefit more and so will the community.
0 votes Thank Flag Link Tue Jul 16, 2013
I agree with everyone here, Theresa. Everything for the mortgage is going to be based on your credit score and you need to have a minimum score of 620. Find a good loan officer who will help you review your credit report and work out a plan to payoff debt, clear up judgements and collections and get that score up.

You do not need to hire a credit counseling company to clear this up! A good loan officer and a good Realtor can help you get to where you want to be. It will take time and patience but will be well worth it in the long run!
0 votes Thank Flag Link Tue Jul 16, 2013
My name is Leonard Pollard, and I am the person that is going to help you accomplish your mortgage needs. You just recently made a mortgage inquiry and that is why I am writing to you now. When dealing with potential borrowers over the internet, I typically introduce myself first via email. I will try to call you within 24 hours unless you prefer a different time or place for me to contact you.

I must tell you that I do not work with all potential borrowers just as they do not work with me. I am straight forward and to the point. In addition to that, I treat every borrower with the same level of service that I expect for myself when making important financial decisions. I use my 13 years of experience in the mortgage industry to provide the best products available for my borrowers and their specific needs.

I would like the opportunity to have a brief conversation with you to discuss your expectations. If you feel that you would like to talk sooner, do not hesitate to call or reply at any time. I have attached an application for your convenience as well.

Our mission, at Quality Mortgage Lending, is to secure the best mortgage available for our clients. We will work diligently to find you the best possible terms, helping you achieve your financial goals in a friendly and professional manner. Our clients truly do come first and will be treated with the utmost respect and forthrightness. You will notice the difference from the initial consultation. Call today and ask how Quality Mortgage Lending can help you.

Best Regards,

Leonard M. Pollard-NMLS#225784
(630)401-9495 Direct
(630)470-6830 Office
(630)470-6844 Fax
0 votes Thank Flag Link Tue Jul 16, 2013
As others have said, you will need to work on your credit before you will be in a position to buy a home. The good thing is, if you make sure you pay everything on time going forward, and work on fixing some of your past mistakes, you can improve your credit rating and your credit scores. Here are links to a series I wrote on what you can do to make the most of your credit, and get into a position to buy as soon as possible:………
0 votes Thank Flag Link Sun Dec 11, 2011
Your income is enough to own a home but based on your question your credit score will be your problem. There are reasons you score is low, typically it would reflect late payments, high credit balances and possibly collection activities.
I would highly encourage you to get your budget lined up and have a plan to avoid any of these events in the future. Not paying bills on time is a good reason for a lender to reject your application. You probably pay your rent on time, but the bank won't bet on that based on your past.
Start a new past today. Create a budget and live with it. If you need help, there are lots of places who can help you or contact me for some referrals.
Once you have several months of on time payments, there are some additional steps to improve your credit and get you ready for a mortgage approval. Best of luck.
0 votes Thank Flag Link Sat Dec 10, 2011
You would need to talk to a loan officer to see what can be done to up that credit score. Might need a 'game plan' for the future. Let me know if you would like a referral in the area that can help you!

Lyn Sims
RE/MAX Suburban
Web Reference:
0 votes Thank Flag Link Sat Dec 10, 2011
The first thing is to find a lender or mortgage banker that will help you bring up your credit score. They should also be able to tell you the mortgage you can get. Armed with this knowledge I or any Realtor can fit your budget.
0 votes Thank Flag Link Sat Dec 10, 2011
Good day, Theresa. Based on your last comment on your comment about your credit score being about 510, you won't qualify for a mortgage in toady's market. I recommend you talk with a mortgage specialist who will pull your credit and go over the report with you and help you get your scores up to a range that will qualify for at least an FHA loan.

I will gladly provide names of highly skilled professionals who would welcome the opportunity to help you achieve your goal! Please give me a call or email me for these names. 630-291-4700

Looking forward to helping you!

Janet Baier
RE/MAX Destiny
Elk Grove Village IL
0 votes Thank Flag Link Sat Dec 10, 2011
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