CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale, have recently emerged from bankruptcy or with low credit score.
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.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
Minette Goldsmith-Fairway Independent Mortgage Corp. 5401 N. Oracle Road Tucson AZ 85704
L.O. NMLS# 261487 AZ L.O. License #0912618, FIMC # 2289, AZ BK #0904162 Equal Housing Lender
2. Family co-sign for a mortgage
3. Lease option to purchase
4. Cash purchase
5. Rent while repairing credit an put a plan in place with your lender
Talk to a Realtor to review your personal situation and options
Jeffrey Masich, Realtor, GRI, MBA
Arizona homes and land for purchase or sale
Contact me for more details.
Thank you for asking!
For a FREE comprehensive home buyer's guide click on http://goo.gl/232cm
Evan Harris, REALTOR
Coldwell Banker Residential Brokerage
Tucson/Oro Valley, AZ
Once they get the loan situation figured out, talk to a local Realtor. Start a relationship with one to help you achieve your home ownership dream(s).
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
The Dan Adler Team
Keller Williams Southern Az
2506 E. Vistoso Commerce Loop #100
Oro Valley, Az 85755
The greatest compliment you can give is the referral of your friends and family. If you, or anyone you know, is thinking of buying or selling, please think of me and our TEAM.