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.
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.
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
Your credit score has emerged as the single most important piece of financial information regarding your financial worthiness.
To a lender, it is a â€œsnapshotâ€ of the likely hood that you will repay the amount that you are asking to borrow. Itâ€™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!
NMLS # 241036
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 @ yahoo.com
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.
Brand Name Realty
Michael Falotico, REALTOR
Carolina One Real Estate
49 Broad Street
Charleston, SC 29401