Home Buying in Brooklyn>Question Details

Mary Luca, Home Buyer in Brooklyn, NY

getting a mortgage with a weak credit score but steady long term employment-can i get one?

Asked by Mary Luca, Brooklyn, NY Sun Apr 14, 2013

i have over 15 years with utility company-gross usually around 100,000 a year-but weak credit score averaging 580-2 delinquent account in collections under 2000.00 that i am clearing up now- no credit card debt but have paid off tax liens and judgements that still show up on credit history-over 100,000 K in 401 k that i would like to hit up for a down payment-what are my chances of getting a mortgage for a first time home? any answers would be appreciated

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Hello, when you're looking to get a mortgage, credit is definitely the most most important factor even if you have good income and down payment money. Credit is taken seriously by banks because it shows your behavior pattern for knowing how much open credit balances you have, keeping up with your payments and paying on time and that tells them if you're a low or high risk candidate for paying them back the loan.

The credit score your bank requires will depend on the type of loan program you can get for your type of purchase as well. Talk to a loan officer and if you need a contact feel free to give me a call and I can have a senior loan officer help you for free.

I hope this helped and if you need further assistance don't hesitate to call.
0 votes Thank Flag Link Sun Jan 5, 2014
First step is to get your finances in order. You will need to consult a local loan officer to point you to the right direction towards obtaining your goal.

Best of luck.

Maria
0 votes Thank Flag Link Mon Apr 15, 2013
Hi Mary. I see this sort of scenario all the time. Can you get a loan? Yes and no. No, because TODAY your credit score is low and you have derogatory accounts that need to be addressed. Yes, because when you meet with a knowledgable Loan Officer, he/she should be able to tell you right away what you must do in order to rapidly increase your credit score. I would say that 8/10 times it takes paying off collections or judgments and lowering balances and you'll literally get a new credit report within days. I do it all the time.

Consider meeting face-to-face with a Loan Officer, come up with the game plan and go from there. I'm always available to meet in our Brooklyn offices if you're looking for someone to help guide you through the process. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Sun Apr 14, 2013
For an accurate and personalized answer you really should be consulting with any licensed loan officer, at the very least if you don't yet qualify, he/she may offer great suggestions as to what can be done; don't just rely on online opinions; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Apr 14, 2013
Hello Mary

You really have to discuss your situation with a mortgage professional. I have an excellent network from all of the major banks, as well as several private equity firms.

Please do not hesitate to contact me directly at john.jourden@spiregroupny.com if you would like to discuss further.

Best of luck to you!

John Jourden
The Spire Group
Licensed RE Salesperson
646-841-4164
john.jourden@spiregroupny.com
Trulia.com/profile/johnjourden
Zillow.com/profile/john-jourden
0 votes Thank Flag Link Sun Apr 14, 2013
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