Home Buying in Roseburg>Question Details

Lindsay, Other/Just Looking in Sonora, CA

Looking for an owner finance or lease option in southern Oregon. My husband and I have a down payment just are not able to get a loan with a score of

Asked by Lindsay, Sonora, CA Tue Jul 2, 2013

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Lindsay, I would encourage you to apply, even if you have been denied recently. FHA's "Back to Work" program might be the right solution for you. I live and lend in Southern Oregon, so I'm familiar with the property types, acreage, etc that you will come across. I'm a mortgage broker and a mortgage banker, really, the best of both worlds when looking for a mortgage. Feel free to call my office or apply online at my website.
0 votes Thank Flag Link Wed Oct 16, 2013
Good afternoon Lindsay,

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 Tue Jul 2, 2013
Why you didn't mention an owner carry?
Sounds as though you work for a bank.
Flag Sat Oct 5, 2013
Looking in southern Oregon.
0 votes Thank Flag Link Tue Jul 2, 2013
We can definitely help you out. Check us out at http://www.TheMortgageOutlet.com and give us a call. One of out loan officers will look into your situation and present you with some options
0 votes Thank Flag Link Tue Jul 2, 2013
With the new rules and regulations of the Owner fianancing laws, it will be difficult to find an owner willing to do that also. The law mandates that they are able to justify your credit score, income, etc the same way a bank lender would be able to do it. It does not make things better in our world, but legislators dont always use common sense.
0 votes Thank Flag Link Tue Jul 2, 2013
Trying to say a score of 610.
0 votes Thank Flag Link Tue Jul 2, 2013
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