Home Buying in Alaska>Question Details

Kerri Aronoff, Home Buyer in Eagle River, AK

Poor credit score 560-590 in NEED of a lender ASAP!- NOT looking for a credit repair person

Asked by Kerri Aronoff, Eagle River, AK Mon Apr 21, 2014

We have good jobs, My credit score dropped due to a student loan they refuse to take the 60 day late mark off of even though they sent me a letter showing it is in deferment from last year to current. I have tried going through all of the channels. This hit my score very hard though it went up very slightly after it now reads pays as agreed.

I have paid off ALL of my collections since November up until March. My most recent just fell off my report, but my scores dropped! WTH?! It seems I can't get a break. We want to buy our own home, not continue to pay others.

I need some help finding a lender who can offer an FHA loan to someone whos credit score is below 600.

People have contacted me, but none seem to work in Alaska - please don't respond unless you are licensed to offer loans in Alaska. Thank you

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Answers

5
Georgia Maguire’s answer
Kerri,
I received this email from a local lender here in Anchorage. I haven't worked with him before but it may be of some use to you to contact him.

The email reads:
If you have any clients that are having trouble getting pre-qualified for a purchase or if you want to know more about what we offer please contact me. I have attached a flyer for your convenience and for your clients. I have many niche products that may assist you in getting more clients closed. Such as the flyer attached that allows for FHA loans with credit scores down to 500. Also I speak Spanish for anyone’s convenience.



Feel free to contact me for any questions. Have a nice day.





Gonzalo Segura

Loan Officer / NMLS#1164838

Primary Residential Mortgage, Inc. / NMLS# 3094

4240 Old Seward Hwy Ste 12

Anchorage, AK 99503

PH -907-331-4000 ext 5 / Cell – 907-301-7694

Fax-855-881-4497



Otherwise you can contact a lender that I recommend that may be able to answer some of your questions and help you sort out your credit report and outline a plan. Her name is Kimberley Laasch at First National Bank Alaska (FNBA)

(907) 414-4848

klaasch@fnbalaska.com


Let me know if I can be of any assistance when you are ready to buy a home.
-Georgia
0 votes Thank Flag Link Sat Apr 26, 2014
Rebecca,
They're high interest and short term.
But thanks
1 vote Thank Flag Link Mon Apr 21, 2014
Ok found my middle fico score is 571. I'm super frustrated! I really want to get out of my rental now and not have to resign another year. :/

Won't anyone work with us with a financial plan? I've contacted a debtor that I paid and they said they'd remove the remark and the debtor from my collections on all of my reports and have a letter to another who said they'd consider it with a letter I sent last week.

Time crunch. I have to notify my landlord next week on our decision to move the end of May or resign our lease... Really trying not to. :(
0 votes Thank Flag Link Wed Apr 23, 2014
You shouldn't have to sign a year lease when this one is up, have you tried asking them to allow you rent on a month to month basis?
Flag Sat Apr 26, 2014
Try a hard money lender. Google "hard money lenders" and maybe add Alaska to the query.
0 votes Thank Flag Link Mon Apr 21, 2014
Kerri,
Here's the hard news, by paying off some collections, you caused your scores to drop. Older collections tend to count against you less and less as time goes on. When they are paid, they are re-established as legitimate and drop your scores. An experienced lender knows this and a credit repair person would have told you this as well.
There are lenders who do FHA down to 580, but just because your score is above this doesn't mean your approved. With a 580 to 620 score you'll probably need 10% down.
I know I'm not licensed in AK, but have had friends in Eagle River. Talk to a local mortgage broker who does credit repair and see if there may be a way to both improve your scores and get you approved.
If you don't have a great mortgage broker, ask your agent for a referral. Great agents tend to know who'll go the extra mile for a client.
0 votes Thank Flag Link Mon Apr 21, 2014
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