A lot more on my blog about fixing credit, see the link below.
Well, it turned out that Yes, my credit score was a debilitating factor, and we wound up getting the house we wanted but only in my girlfriends name. No surprise there.
The twist comes in almost two years later when I accepted a new position in the Raleigh-Durham area of North Carolina. This new position pushed me into the six figure income category. In addition to the increase in income, I was also given the ability to place 20% down on just about any property due to a large sum on liquid capital I received through inheritance.
Now I know these circumstances are rare and its not everyday that someone doubles their income and gets a large amount of cash dumped on them. I know I am very lucky.
But the lesson I learned here is when we applied for a new home after this demographic change (not to mention the purchase price was $330k+), my credit score was no longer prohibitive and we were given a new loan (in my name only) without any issue.
Credit score is important, really important. But definitely not the only factor.
Best of luck,
Wm Raveis. 203-257-0030
ability to pay (income)
willingness to pay (your credit)
collateral (the house)
Go to your local nonprofit housing group. Meet with the credit counselor. They will go over your credit report with you and tell you what you have done wrong and what you need to do. Follow their advise and within a year your credit score will be good enough for a mortgage.
Scott Silverstone, Realtor
William Raveis Real Estate
The Jacobson Team
P.S. DO NOT use an online lender. You want someone local, who has your best interests in mind.