Home Buying in 45231>Question Details

Santa, Home Buyer in 45231

how can I get a home loan with a 502 credit score? I have the income of 94,000

Asked by Santa, 45231 Mon Jun 18, 2012

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Darrell D. Drouillard’s answer
I'll rephrase your question - "My credit score shows a proven track record of accumulating debt with no intention of paying yet I make a ton of money that I don't use to meet my responsibilities.....will someone please give me a bunch more money knowing I won't pay them back?" I'm sure banks are jumping up and down for the chance to give your their money.
1 vote Thank Flag Link Tue Jul 17, 2012
One way is a program that we have developped in Columbus and Cincinnati, OH. It is a modified lease option program, in which we examine your total situation to see if there is a possibility to fix your credit in 12-18 months. If we feel we can help you, we design a program for you and help you bring your credit score up. Meanwhile we look for suitable housing and put you in the house of your choice using a lease option with not option money from you. Ninety percent of lease options fail because people do not know how to fix their credit. People end up losing their option money. Ours do not fail.

As a Realtor, I can also help you find traditional lease options, but I would strongly advise you to get help from a bona-fide, honest and free credit counselor. I work with a loan officer who specializes in cases like yours and can fix your credit free.

Mrs. Patricia Baxter, MA, MPA
MD Preferred
Cincinnati Ambassador
Realtor with Nextage Achieve Realty
Manager Charles Stuart Homes
513 891 9300 (office)
513 225 0045 (cell)
0 votes Thank Flag Link Tue Jul 17, 2012
With your income, you should take the time to resolve your credit. Credit repair is fairly simple but takes the discipline and time to do this.
Lots can be written on how to do it but the simplest steps are pay your bills on time, get a copy of your 3 credit reports and resolve any errors. Pay down balances to at least 1/3 of the high credit, or just pay them off completely. Do not close any accounts; this will lower your score. Do not pay off any old collections until required to by a lender for your mortgage.
Be wary of companies or individuals, who will do this for an upfront fee, there are scams out there.
0 votes Thank Flag Link Mon Jun 18, 2012
in all likelyhood, you won't be able to get a traditional loan until your credit score is higher. I've helped many clients clean up their credit.

I'd be happy to meet with you and review your credit and help you create a plan to raise your score.

Your other options would be to either doe a lease-option (rent to own) or a land contract.

Scott Baker, Realtor
ERA Real Solutions
513-227-5897 cell or text
0 votes Thank Flag Link Mon Jun 18, 2012
Rent to own and clean up your credit while you accumulate a down payment. Otherwise, Cash. You should talk to a Mortgage banker, though. They can help you with the clean up of the credit report and help you increase the score.
0 votes Thank Flag Link Mon Jun 18, 2012
Cash! Or a creative mortgage advisor.
0 votes Thank Flag Link Mon Jun 18, 2012
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