Home Buying in 29414>Question Details

Chrismerrill…, Renter in Charleston, SC

Question I am looking at purchasing a home in South Carolina for $145000, I have $35000 to put as a down payment but my credit score is 592 (av.)

Asked by Chrismerrill2s@yahoo.com, Charleston, SC Sun Sep 2, 2012

My credit problems stem from judgements and credit cards of over 5 years ago. Do you think I could qualify with an income of 37000 and my only debt is 534 for a car which is not 2/3 paid off.

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Michelle Melton 843.367.3379’s answer
There are serveral avenues to take and I have two fabulous lenders I work with that are great at taking a look at your credit and being able to pin point the things that will boost your score. If you can get your score up to a 640 you are golden, but a 620 is bare min. these days. I would find a GOOD honest lender and work on the credit issues it may be that some of that $35,000 is better spent cleaning up old debt than as a down payment.
NOW, is the time to invest in your future and buying real estate as a LONG term investment is always a good choice. You are on the right track now go get it.
0 votes Thank Flag Link Thu Sep 13, 2012
MOST CAPABLE MORTGAGE BROKERS ARE WELL VERSED IN HOW AND WHAT YOU NEED TO ATTEND TO BE ABLE TO MAKE YOU A LOAN ESPECIALLY SINCE THAT'S HOW THEY MAKE THEIR MONEY. THE MOST IMPORTTANT PART IS PICKING THE RIGHT ONE . CALL ME AND I'LL DIRECT YOU IN THE RIGHT DIRECTION. JOHN BYRAM FRED HOLLAND REALTY 706-296-5111
0 votes Thank Flag Link Sat May 18, 2013
Hey Marty

I'm not a credit counselor but have worked this business a long time. Start looking for a good lender or mortgage broker that is experienced, reputable and that you trust.

You just need to work on pulling your score up to 620 and keeping your cards at no more than 50% of the limit. All payment history needs to be on time.

The judgements will hurt but may still be workable depending on what they are and if everything else is good.

Get a copy of your report and open a dispute on anything that doesn't look right. Be sure to look at all 3 reporting agencies.

Whoever you work with, make sure they are reputable and not some quick credit cleanup scheme that puts their hand in your wallet. The quick fix won't last.
0 votes Thank Flag Link Thu Sep 6, 2012
Chris,
Have you spoken to a lender lately? Some of the judgements and credit card history may can be eliminated. A good lender can look at your credit and see if particularly some of the derogatory credit may can be eliminated in a re-score and perhaps enable you to buy. Also other factors will determine that as well like,timeonjob, income, current housing expense and history. I'd be glad to help. 514-4390 Marty
0 votes Thank Flag Link Wed Sep 5, 2012
Chris...

Your credit score has emerged as the single most important piece of financial information regarding your financial worthiness.

To a lender, it is a “snapshot” of the likely hood that you will repay the amount that you are asking to borrow. It’s also a determining factor as to how much interest rates you will be charged, how much more premiums you will pay for automobile insurance and even whether or not you will get that dream job!

If you have already found a property & submitted an offer BEFORE addressing the reason(s) for the 592 FICO score....you may have a little problem . The fact that you have $35,000 down payment is great...but it's not going to earn you a "PASS" on the score...nor will it help you close-your-home-loan anytime soon. ( Had a client recently who had $150,000 down & did not qualify)

Bottom Line: I do not think that you can qualify in the current mortgage climate with the score/judgements/down. If you need help qualifying, reach out to me and I'll be more than happy to
assist you anyway that I can. Good luck on your journey.

I appreciate you!

Bobby Wallace
Anchor Mortgage
http://www.FreeCharlestonHomeInfo.com
http://www.BestCharlestonHomeLoan.com
NMLS # 241036
0 votes Thank Flag Link Mon Sep 3, 2012
Depending on the seller, another option with buyers who need to repair their credit is to "rent with an option to buy" or "seller financing". That gets you in the house you want and gives you time to get your credit score up by working with the right mortgage broker. Just make sure not to sign any lease or contract without having a very good attorney review it first. There is no "standard" contract and the thousands of examples on the internet offering "free how to" instructions are for the most part trying to get something out of you.
0 votes Thank Flag Link Mon Sep 3, 2012
Chris
I have the perfect solution for you, our team works with several different lenders who would be glad to answer these questions for you even over the holiday. Call Gabe @ 1st Home Mortgage in Mt. Pleasant @ 819-5270 or Bobby who is a little harder to reach but is very hands on with people @ Anchor Mortgage @ 200-5617. If you don't quality right now they will tell you and will also let you know approximately how long it will take until you qualify down to the day if you follow what they say. Just let them know I recommended you to come and talk with them. Also depending on where you want to buy can determine If you even need a downpayment, we have a list of area's that require NO downpayment so that you could use some of your money toward closing cost. Call us even during the holidays if you have any questions.

Team Reese
Spence Reese
Harbourtowne RE
843-478-3104
Team.Reese @ yahoo.com
0 votes Thank Flag Link Sun Sep 2, 2012
You certainly have the down payment for a house. I have several people that I am working with with the same credit score problems that are currently working on bringing it up to where it needs to be.

I can email all the information you need to get started on the right path and hopefully get your score up quickly.

Email your information or call me.

Debbie Knowles
Brand Name Realty
843-609-8998
debbie@debbieknowlesrealty.com
0 votes Thank Flag Link Sun Sep 2, 2012
You should discuss your situation with a qualified mortgage broker - by that I mean one that has programs for clients in your situation - not all brokers can help you. You do have some things going for you in that you are able to put down 20% of your purchase price and that will keep you from paying PMI (Private Mortgage Insurance). Call me and I will put you in contact with the right broker.
843-303-3422.

Regards,
Michael Falotico, REALTOR
Carolina One Real Estate
49 Broad Street
Charleston, SC 29401
0 votes Thank Flag Link Sun Sep 2, 2012
I would suggest getting you hooked up with a mortgage lender and let them help you get this worked out for the best available loan possible.. There are some things you can do to help repair you credit and get those score up just a little you would be good. Where do you wish to purchase? I am in Charleston and the surrounding area. What is your time fram for purchasing?

Kathy Emde
Primrose Properties
843-718-7379
kathleenemde@yahoo.com
0 votes Thank Flag Link Sun Sep 2, 2012
How May I Help ?
Ron Schiappa, Realtor NAR
ron.schiappa@agentownedrealty.com
http://www.charlestonhomesrealty.com
0 votes Thank Flag Link Sun Sep 2, 2012
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