good luck to you. very exciting time for you!!
Most lenders need a 640 score. Though some still work with 620.... but that is disappearing.
Do you have any credit card debt that we can pay down? That might be enough to boost your scores to 640.
Here is a link to how credit works. Free E-book.... no sign up.
Let me know if you have any questions.
I can also refer you to a good realtor there as well if you need one.
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.
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.
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.
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
I have a lender that might do the loan. I will need to see your credit report and make sure that you have what we call is a Tri-Merge. That is a credit report with all three reporting agencies. I can do that "no charge." I will need your social security number and your address and DOB. Your current income and the amount you have for down payment. If you are willing to provide me that information, we can get started.
Realtor, DRE# 01891274
Century 21 All Moves
FREE Monthly Newsletter: http://
I just came across your question. Are you still looking to buy a home?
I have helped many buyers in your situation buy a home. If you are still looking I would be happy to help.I have several Lenders and Credit Repair specialists that I work with that I can refer you to.
All the Best!
Also, if you are serious about buying a home then the best advice I can give you is to go through a comprehensive pre-approval process before you start looking at homes. Over 65% of loans that are denied were for reasons that could have been addressed during the pre-approval process.
If you would like more details please contact me at your convenience. Thank you.
Elliott R. Oliva
NMLS # 353884
TX lic. #81573
Elite Financing Group
1221 S. Mopac #330
Austin, TX 78746
â€œSe Habla Espanolâ€
Agree with Eric, send your income documenation to a mortgage lender in order to get a credit pre-approval prior to doing anything since your score is close to the bottom threshold. Some lenders can only go down to a 640 minimum FHA, while others have avenues down to a 600 score. Between a 600-619 FICO you WILL pay a premium in the form of a higher interest rate as the lender views you as a riskier loan candidate. Your at a fork in the road, do you wait to get over a 620 credit score and get a better rate OR do you have to make a move now which would be more expensive for you in the long run? I suggest going to http://www.annualcreditreport.com to examine any negative credit items first which might be easily protested and fixed, then second, keep paying your bills on time and third try to lower your outstanding credit card debt to no higher than 19% of your available credit for EACH card (ie. max balance of $190 per $1,000 in credit). This should get you above a 620 fairly soon.
Hope this helps.
I wish you the best.
Find somebody who will take the time to discuss your issues and help you improve your situation.
Lennar Homes in Austin offers a one stop shop for you - lending, building, and closing. Our in-house lender and title company make your home buying process seamless.... from step 1 to step across-the-threshold! Please feel free to contact me for more information on Lennar or to be contacted by our lender!
You have the best opportuniy in living memory to do this right now. Good luck!
You are close! There are many determining factors in qualifying for a home. There are also a few things we may be able to do to raise your score to qualify and I can introduce you to some home buyers assistance programs if you qualify. Please give me a call I would be happy to assist you in finding a home. You can reach me anytime (512) 758-5690
Please feel free to contact me anytime.
With historically low rates, an abundance of inventory and motivasted sellers, and low to no down programs 1st time buyer programs, now is an awesome time to buy.
Get your FREE ebook "7 Reasons Why Now Is a Great Time To Buy A Home!" -Take an unfair advantage... A Smart Buyerâ€™s Guide to Seizing the Market! This new ebook is published by Keller Williams University.
Go to http://www.RealNetTeam.com "click" on free ebooks and reports. or call me at 512-507-1202 -Dave Baird
You are very close to the credit score you will likely need, if you don't qualify now you could probably improve your score in a short time and this lender will tell you what you will need to do. We can all work together to get you into a new home!
It is undetermined where you received your credit score WHICH could be a different score than a mortgage score. These sites on web for credit scores can mislead many truth of matter.
Best contact a mortgage broker who can review your financials
Direct Link of all required to qualify for a loan
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors