britani_ivins, Home Buyer in Wildwood, NJ

Is there anything for a first time home buyer with a 610 credit score?

Asked by britani_ivins, Wildwood, NJ Fri Apr 19, 2013

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5
Yes you get a loan now with a 610. FHA can go down to 580 but lenders set their own score requirements.I tell all my clients with lower scores to visit The Lenders Network, They have helped me close many homes by getting my clients approved even with scores under a 600. So if anyone can get you a loan they can..

Good luck
1 vote Thank Flag Link Wed Jul 10, 2013
Good afternoon britani_ivins,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jul 10, 2013
Britani:

Have you looked at your credit report to see what is holding your score down. It seems you're on the right track to a great score, but something is missing. Do you have open revolving accounts? In other words credit cards? If not you aren't benefiting from how ones credit score is calculated. You need at least 2 open revolving trade lines with the balances at 30% of the credit line. If you don't have any you can apply for a secured visa with Capital One and one with USA Bank. This is where we send all of our clients as the two companies report all secured visas as unsecured visa, which on a credit report appears credit has been given to you vs you securing the funds to utilize on the accounts. Many people think installments such as car loans are sufficient but it isn't. If you would like us to take a look at your credit to further help you, do not hesitate to contact me.

Thank you;

Christina Solorzano,
CEO & SR Credit Repair Specialist
Everlasting Credit Repair
0 votes Thank Flag Link Sat Apr 20, 2013
Contact a lender to inquire about the different financing options available.

Laquita Baez
Weichert Realtors
973.687.7095
0 votes Thank Flag Link Sat Apr 20, 2013
Yes, you can get a mortgage with that score. Lowell below is correct as well. Mortgage companies can now tell you how to increase your score before the loan application by using software to tell you how to increase your scores. Obviously, the higher the score the better your terms of the loan will be. Feel free to reach out to me with any questions. Best of luck!

If you do not have a Realtor as of yet, I highly recommend Dana below.

Dana Adams, Realtor®
Century 21 Gilmartin & Company
1382 Lafayette Street, Cape May, NJ 08204
Office: 609-884-1800 ext. 35
Cell: 609-827-0004
E-Mail: dana6875@hotmail.com
http://www.realestatecapemaynj.com


Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
cell: (856) 304-2381
jcordova@eveshammortgage.com
Web Reference: http://www.joecordova.com
0 votes Thank Flag Link Sat Apr 20, 2013
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